I hardly ever redeem points for hotel nights. I'd much rather earn MORE nights and points credit. In years gone by, I redeemed millions of points for free cruises. I also got lots of items from the merchandise catalog that weren't necessarily the best value, but let me get lots of electronics I probably wouldn't have bought with cash. I have redeemed a few travel package rewards because I wanted frequent flier miles and it just made more sense to get the free week at a Marriott as well, but I struggle to find a time I spend an entire week at a single property, especially on vacation. In any event, I have never calculated cpp on any points I've cashed in.