Devaluation hitting home? Yep (well, maybe). I make a couple trips to Australia annually and generally stay at the Sydney Hilton. When I have used points in the past, I've generally gotten it for no more than 60,000/night. The dates in August I will be there, 306,391/night. I'm hoping this has more to do with something going on in downtown Sydney and less about points devaluation! Figured booking this far in advance, I'd have no issues getting it at a reasonable points level.