In general, I put Hilton points at 0.4 cpp. So at 2.8x, it prices MR at 1.12 cpps. That is poor. MR should have a floor value of 1.5 cpps since it can be easily transferred to airlines.

But if you gain more value from Hilton points and the overall valuation works in your favor, then just do it. But I'll wait for better transfer rates, or when you are close to booking.