The same property in early February is $309 per night, so 1.27 cpp all in.

Prices vary with season, demand, etc., etc. Point redemptions don't. Bottom line - pay cash when point redemption values are poor, use points when values are good.

Also, "cents per point" isn't a direct comparison - SPG points will always have a higher "value" than MR points, but that's because you earn them much more slowly. If you do an in-depth analysis of free nights earned per dollar spent/night paid for, MR is actually a bit better (but subject to availability restrictions). Again, HH is worse than both.