Award prices are linked to the current price of the flexible rate, but capped at a maximum number of points. This maximum used to be published and related to award categories, but these no longer officially exist, which has been an excuse for several devaluations.

If the award price is not a multiple of 10000 (except for the now rare 5000 point hotels) then it is most likely a revenue-based award price. Thus if the flexible rate goes down the number of points required can also go down.

Furthermore, the award price is based on the flexible rate when converted to USD. Thus, if the USD rises in value to the currency of the hotel's rates, the award price can also drop, generally only 1000 points at a time.

This was particularly noticeable with BREXIT as every time GBP dropped by more than 2 or 3% vs USD I was able to rebook award stays for 1000 points less - and the lower points prices stuck even if GBP recovered later. Also the case when the euro was falling against the USD in 2018.