Just redeemed for Prince Gallery Tokyo Kioicho on a night where rooms are going for 90,488 JPY (including tax), or $814 US, so 1.35 cpp. These are the types of redemptions I hold out for. Really don't like burning my points for 50% their reasonable potential value (or less) when a little patience will pay off so well.

(Note that Hyatt redemptions at PHT or Andaz pencil out at over 3 cpp during same period!)