To answer, one might take this approach, and first answer the following: "Would I use the points for a stay at Hyatt Maldives or Paris or the most expensive type place, where a condo or some cheap hotel is not an "enough of an equivalent experience" option?".

If yes, then it's an easy calculation, 22k or 33k points (if there's a suite option, and if you would redeem for a suite) is worth like $1000 or more.

So for me, it's $0.03 minimum.

And with another Maldives and a Turks and Caicos property coming soon (and maybe some day - I hope - a South Pacific type destination)...