The only "monetary value" of any night credit comes from:
- If you would otherwise pay for a club room, but could use the club upgrades instead
- If you would otherwise pay for breakfast out of your own pocket, but instead get it for free
- if you would otherwise pay for an upgraded room/suite/etc.
- If you would otherwise buy 15,000 points for a Cat. 4 stay or 30,000 points for a Cat. 7 stay
If you wouldn't pay for these items, then there's no "monetary value"... there's only the warm and fuzzy feeling of having some form of elite status and staying a couple of nights for free at nicer hotels than what you might normally pay for. That warm and fuzzy feeling is quite valuable, but not in terms of a $ equivalent. I might probably prefer being a Globalist to having an extra $2000 in my bank account, except I wouldn't pay $2000 to be a Globalist...
That said, a real and tangible benefit is the bonus points you get on paid stays thanks to your level of status and the $100 at 40 nights. (which you reminded me of an old $100 code I have unused due to COVID - glad they don't expire)