I initially thought might be kinda like seasonal adjustments based on weather/climate or business use, or even a reverse of a +1/-1 or so of last changes.

But no, seems not a seasonal adjustment , just HH removing/increasing a few hotels that were good redemptions , and lowering a few that probably see very few redemptions

Defintely an erosion of points value, with ratio 34/12 so a long long way from beng "points neutral"