I usually look for 1.2 to 1.4 cpp out of Marriott when I redeem Travel Packages.

I call it 1.5 cpp for the airline miles and then estimate what I'd really spend on a hotel room in the destination if I didn't have Marriott points. Usually the hotel cert portion itself is a penny a point, maybe a little better, but that's partly because I wouldn't regularly book a Ritz at retail rates using cash if I didn't have points.

But this requires 300-400k points. If I *only* had 45k, maybe I'd think differently, but I think I'd still want closer to a penny a point.