Not at all, and you seem to have misunderstood my point about the fallacy of loyalty to a wider chain coming from hotel location alone, as opposed to a mixture of whatever you decide is important for yourself.

Elite benefits are irrelevant to a discussion of no-notice devaluations and I agree that people can value those differently.

My original comment is that many people on FT seem to justify a loyalty to Hilton and its fast-devaluing points currency, because they think they can get the credit card and still do alright. Which is why a devaluation won't bother them quite as much as it probably should...