In my experience recently, redeeming IHG points for hotel nights (not using Points Break), they seem to 'value' at about 1/2 US cent per point (US$0.005), in relation to the best rate I can usually grab for hotel, sometimes a little higher. If I use points for a hotel night that translates into .7 cents, I think I've hit the lottery. So 70,000 for $200 seems like a pretty bad deal. 40,000 or even 50,000 points for $200 would be more in line with value.