Originally Posted by Happy

I think a broad based comparison is almost meaningless because the value lies in HOW you use your points at WHERE.

The devaluation is really bad especially in the expensive markets - HHonor took the Top "Honor" in this area in term of plummeting the previous high value redemption.

However if your redemption is often away from big cities / tourist paths / business centers, then you may find some really cheap redemption such as a 10K HI.

Though a HI in DC went from a 35K to a 60K property after the devaluation. At 60K that is insane because the property cash rate is in the $150 to $200 depends on days of the week.

There is no one yard stick to measure / compare programs - it very much depends on individual usage of the program. As much as people hate IHG's devaluation which was the first to happen in 2013, there are actually some very good value in its program, even cheaper than before. We had reservations in Lyon and Dijon before devaluation at HI for 15K. After devaluation, both properties went to 10K!

On top of that, the earning side of the equation certainly is a very important part of the whole equation. HHonor probably is the easiest to earn that everyone tends to agree.

So one probably needs to have multiple programs, each fits a special need.

Currently I found Club Carlson has been quite nice for European stays especially in 2nd and 3rd tier cities where none of the US chains has presence.