Hilton Devaluation have now absolutely going nuts.

I guess their redemption system made this change several years ago. An (semi-fixed and unpublished) award chart for limited number of reward rooms, as well as surge pricing, which will be the points redemption option, once reward rooms are fully booked. In this case, you're basically using points to pay flexible rate at (pretty terrible) Honors-cash exchange rate, sometimes can be low as 0.2 cents per point.
The following list is points per night for some random dates from now till July:
Conrad Centennial Singapore: 126k
Conrad Tokyo: 215k
Conrad Bora Bora Nui:
346k
Waldorf Astoria Jerusalem:
352k
Hilton Moorea: 229k
Hilton Tel Aviv: 244k