We could have quite a discussion on this board with all the experienced CP point collectors/users in regard to the "value" of Choice points.

Midgrade suggested here $.01 per (one penny each), Iggyray's view is $.075 (around 3/4 cents) and THE POINTS GUY (an online expert of all types of travel point/miles programs) say $.065 each (around 2/3 of a cent.)

My view: $.01 is an easy starting point for valuation and in your decision making as to whether you should redeem points vs. spending cash in a reservation making situation.

Another factor not mentioned here, taxes. When you redeem points there are no sales/hotel/local taxes to be paid. Example: On a given date a Choice Hotel the price for a room that suits your need (2 double or queens in my case) is $80. Tax on that is $12 (15% is typical in localities around the US), $92 total. If the corresponding redemption rate is 8K, you've got a $.0115 valuation (92/8000) that exceeds the $.01 standard. (at 10K it's $.0092 less than a penny per, 12K $.0076 -near Iggyray's standard.)

Using points is a personal matter. You have to declare to yourself what is a good use of points. For me it's $.01 or better.

I agree with Midgrade and will typically use points if the redemption is 8,10 or 12 thousand points. (only once in my 19 years as a CP member have I broken that rule, 16K - for a $142 stay (124 rate+16 tax) $.0088 per point value - it is the ONLY time I've ever been below the $.01 amount rule-of-thumb that I use. I was flush with points at the time and no 2X promo was "on" at the time.)

Here are my rules in using points or paying for a booking (saving my points for a better future situation):
1) $.01 or more value or pay cash (when you pay cash you are getting a slight discount on your stay a) 10%-before tax in points (in my example above 80x10=800 points/ $8 value) b) sign up for CP "EXTRAS" with 200 point per nights (worth $2) c) On the stay using CP credit card get 5% in points (80x5=400 points, worth $4), total effective discount in my example is $14 - so $92-14= $78 is the value of this $92 stay. Also, there are other small bonus points for Gold or better CP'ers.)

2) I generally do not use points when there is a "two nights, one night free 8K point bonus" promotion is in effect. Unless I'm confronted with very high rates at a hotel that suits my needs for an evening/period and/or I can get an obscene points redemption. Once in NY City (2017) I got a $.04 for six nights that saved me over $1,400 if I'd paid cash (yes by paying cash I'd effectively got a point "discount" worth several hundred dollars so it would have been closer to $1400 cash less $360 or better in future points. But I'd rather pay zero (and not pay NYC's huge hotel taxes.) In Munich (2019, close-in, near subway), at Oktoberfest, 7 nights I saved over $1550 for 74000 points (5 nights at 10K and weekends at $12K. Over $.02 per point. Not bragging, just trying to give you some perspective on the potential value of using CP points.

3) 8,10,12K points per night. Never higher unless I'm confronted with obscene $ rates or a lack of other cheaper hotel options. I still want a $.01 or better value.

The CP 2 stays, 8K point promotions are usually 3 or 4 time a year. Early spring, late spring, summer and fall. Some years it's just 3, spring (late Feb/early Mar to late Apr/early May), summer (usually over by mid-Aug), fall (around Labor day to 2nd weekend in Nov).
You can check out the Upcoming Promotion thread and read backwards to get the dates of previous 2X promotions. The pattern is pretty consistent - but it's a little bit of a guessing game as to when exactly the next promo starts.

One other item:
If you need to break-up a multi-day stay so to qualify for a 2X promotion and you want to stay at the same hotel for several days contiguous. 2X promotions require separate "stays" - two, three, or more nights in a row are considered one "stay."
An example: You can stay night 1 for cash, night 2 on points, night 3 cash. You will then qualify for the 2x,8K bonus on nights 1 & 3 - they are considered separate "stays." Just make sure you booking the exact same room type for each night. When you check-in Night 1 tell the desk person that you have three reservations for 3 nights in a row. Same room type. They'll keep you in the same room. You will have to go to the desk each morning to re-sign for that day - a minor inconvenience.