Ok... Let me rephrase.

- say I was granted 10k points due to some incident. How much do you think the hotel pays per point? $0.01? $0.005?

- say I use 10k points for a free night, how much does the hotel get paid by SPG for those points? Any different than what they buy at?

The only thing I have to go on is Green Choice, which is $5 or 500 points. If all things are equal, that's one cent per point. However, I'd guess that they are in the half a cent range.