I’ve been using Marriott in Europe and getting 0.9-1.1 cpm, but it’s not too hard to find 0.4 cpm level terrible value in the US (or considerably better).

Those 5 nights are worth $1000 even if you’re getting .4 cpm and if it’s .6 cpm, that’s $1500; that’s a pretty outsize return on a $95 annual fee card.

I do think the 2023 Bonvoy devaluation is going to hurt value but if you’re mostly doing airport hotels and you’re not using them at peak times you will likely be OK.