That average is also based on certain personal preferences, like type of hotel, travel destination, class of service for flight rewards and - most significantly - whether one believes the list price is a good metric to use to start. If you were never going to pay $600 per night for the room and would have likely chosen the $250/night property instead then arguably the value should be based on the $250 number as that's the replacement cost of what the points are buying.
My
HotelHustle tool collects thousands of data points for cash and award costs. Looking at the recent data for NYC Hyatt properties I see the following averages:
Code:
Hotel Name cpp count
nycam Andaz 5th Avenue 1.874429090909 814
nycaw Andaz Wall Street 1.356387084337 830
nycgh Grand Hyatt New York 1.355155469369 797
nychh Hyatt Herald Square New York 1.306899873257 789
nycph Park Hyatt New York 2.908103591945 399
nycts Hyatt Times Square New York 1.419548022599 1416
nycus Hyatt Union Square New York 1.793635829662 681
nycxc Hyatt House New York/Chelsea 1.100555555556 9
nyczf Hyatt Place Flushing/LaGuardia Airport 2.865343915211 630
nyczm Hyatt Place New York/Midtown-South 1.664361147327 767
IIRC the Hyatt Place in Flushing is a higher "value" because it is fewer points while the Park Hyatt is higher because the cash rates are significant.
The data above is based on a check-in date on/after 1 Aug 16 in an effort to ensure more recent search results and a better representation of what the values are today.