Posting the (also not usual) counter-example here: Checked in for a five-night stay at a Cat. 9 property yesterday that is running at about $2800 for the five nights I am here (and in fact is sold out completely for some of the nights) - which means that my 180K points have a value of about 1.5 points for each of them...

While not a valid comparison the nearby Sheraton (not nearly as nice and well-located) is running at about $1600 for the same five nights and charges 40K points for these night, so comes to about 4ct per point - also a good value, yet lesser than the Marriott given the different earning-ratio Marriott vs. SPG is about 3,75 to 1, so that comes to approx. a 1.06 ct. per point ratio in Marriott points...

Greetings - Dirk