This is a massive devaluation.
For example--4 nights at the Conrad Koh Samui is now 145K points or 36K per night with an AXON.
Even in lower season, will now be 64K per night if stay five nights (80K per night with fifth night free)--an 80% increase.
The problem for the major hotel chains is the credit card points being thrown out there like candy. Now have too many points chasing too few rooms--but the chains (like the airlines) have become addicted to the revenue they make from the banks.
So we Road Warriors who stay 100+ nights per year spending $$$ with "heads on beds" are being penalized big time by the credit card junkies.
Just emailed Hyatt Gold Passport requesting a status match.....