We stay often at the Hampton Inn Deadwood, SD because Mrs. Amanuensis is from there. Mrs. A spent 120,000 points for a three night stay last October (it was a last minute trip to visit a dying relative), so 40,000 points per night.
Now, Deadwood takes far less than 40,000 points per night for almost all of the dates I checked. During their dead season (just before Christmas), rooms can be had for 7,500 points, which (for a five-night stay) works out to 0.610 cents per point.
Points values are also good during Deadwood's highest of high seasons -- the annual Sturgis Motorcycle Rally. I found a five night stay for Sunday August 6 - Friday August 11, 2017 worked out to 0.809 cents per point for a standard two queen room. (Which, amazingly, was still available.) Usually, area hotels sell out of their standard rooms a year ahead of time during the Rally. So in the case of Deadwood, the points cap works -- assuming you actually want to be in Sturgis/Deadwood/Lead during the rally. Which we DO NOT.