I don't know. I spent a lovely, free upgraded, week at the Intercontinental in downtown Montreal last (American) Thanksgiving week on points (and not that many). High, club level, floor, excellent service. Yes, slightly older, but worth every point. IHG hotels have a nice international footprint for fewer points than others. They have been a lifesaver for quick overnights in Rome, for example, when I needed an airport stay and didn't want to shell out money. I definitely find it worth the annual fee and the points, which are easy to earn. I don't need it to be in the same ballpark because of the value I can get. But some of the upper end hotels are quite nice. Not all, but enough for me.