Snap, my spend was 75% non-IC last 18months. Value of points is no longer the old p+c usd70/10k but new lower P+C usd55/10k ratios and agree if large balance the value is what you can gret from every dst award redemptions, rather than C+P trick cost to replace spent points which I previously used.

Also as RA/Spire 100% Bonus means 33% more per $$ spend 20pts v 15pts, so 25% off old usd70/10k is just usd53/10k . Maybe easier for UK guests to justify redeeming nights as usd is higher versus gbp than before brexit vote, conversely UK/London hotels awards give worse ratio post brexit to American guests since usd buys 25% more gbp's and Americans no longer want to redeem in UK

Burnt loads points on mainly CP hotels as non-IC $$$ no longer count for RA, and for CP v IC less worried about upgrade/lounge foc benefit that may be lost as award stay, case in point CP Miami Z South Beach 100k for 2nights when cash usd600/night , actually like so extended by 2x paid nights at a more reasonabke usd250/night

As not bouncing around Europe last 18months, unable to book ICs in Amsterdam (no lounge anyway), Paris LG (gor lounge on awards too), London PL (upsell lounge paid+award anyway) where the 50/6k0 (now 70k) can be room going for usd700/night and I was getting 100usd/10k value (more rally as have to pay taxes on paid nights)...
Been booking awards circa us45/10k ratio else would still have too many, but some far better ratios mean I maintained usd70/10k ratio for my 2m points so value/saving circa usd14k

As thinking I'll jump ship from RA due to program not being what it once was, burnt through in last 20months 2.0M points, down to 500k which will be gone by Jan2019 . As per some other FT RA thoughts, it might be that a high points balance gets one RA noticed by IC hotel more than a RA with low total, and thus better treatment (not that should happen) so as jumping ship I am ok to run my balance down and out.

nb's
o Regards convert points to buy IHG Credit Card (trick, I would not as redeeming in Europe I was getting 2x that value at minimum.
o Always thought converting 10k hotel points to 2k (5:1 reverse ratio) airline avios/miles poor, 1m hotel = 200k airline. and Longhaul F needs 100k per direction, so 2M IHG is 2x F flights versus 40x IHG 50k nights
Yes is ok swap if book BA HKG-LHR F at just 35gbp tax instead of hk$5500 , but if you would not normally fly F then a false saving.