I just booked two rooms at the Hyatt Regency Montreal for two nights each with Club access for 48,000 points total. The rooms would have cost $1,200 USD paying with cash, so the points were worth 2.5 cents each for this booking. A recent two-night stay at the Hyatt Centric in Times Square was 50,000 for a room which would have cost $815 USD, for a redemption rate of only 1.63 cents per point. We take a lot of weekend trips which wouldn't happen if we were paying cash for hotels and flights so I'm willing to take a lower redemption rate sometimes.