Both sound arguments except for inflation has been minimal / non-existent for many years now and what hotels charge is what they can get away with in a market with little resemblance to underlying costs.

Some properties go up 5,000 points every year or 20% (from 25,000 to 30,000).

The hotels I stay at regularly where I am earning are not increasing their rates by 20% annually or our corporate contract would be placed elsewhere!

Not disagreeing that point inflation is normal & needed but its hard to make a broad brush comparison and it rarely breaks even for the point holder, if ever!