I've forgotten how many structural devaluations this program has had. It feels like it foundationally changes every couple of years. 2013 and 2017 are fresher in my mind, but going back farther than that both Gold and Diamond actually meant something in terms of on-property treatment and upgrades. And you had things like the Hawaii ALON awards and the GLON awards for other top properties (6 night stays). You had AXON for 4 night stays.

Some of the devaluations are mildly tempered by 5th Night Free and the fact that we now earn 50-60 points/$ on most stays counting the "typical" promotions.

But this has long been Hilton's story: flood the world with points and then be forced to overhaul because of points-inflation. Marriott and Starwood, by contrast, have had very stable earning and redemption structures for basically the past 15 years until their train wreck of an attempted merger. They had the same annual category creep that HH does but they hardly ever had to completely nerf the program. Hilton does that every 3-4 years.