I don't know what to do. Like you said, this devaluation is too severe to look past it but at the same time I can't just book when I have nothing planned for HH stays.

A lot of my stays have been paid stays because the nightly rates are fairly reasonable during winter time (also allowing me to maintain my status) and points usually come into the picture for spring/summer, when hotel rates are typically higher.

Anyway since I really don't have anything planned for HH points, and I can't think of anything because of the way my schedule is, I will have to keep the points (but will not attempt to earn any more) and just see what happens.