What I see is that a lot of people are not married to certain loyalty programs. There are never absolute loyalty. It is two-way street. Members constantly evaluation what the loyalty programs offer to them. If we spend $10,000 on hotel CCs or $5,000 with certain hotel, we want to know how much we get back in return. We go to the "best" program that we see offer the most we want. This is how loyalty program is supposed to work.
The bottom line is still the valuation. Then the next are geographic location, convenience and hotel specifics...