Following the full introduction of dynamic pricing and the removal of price caps quite some time ago, the use of the term "devaluation" is devoid of meaning further on. Irrespective of whether we as consumers like it or not, hotels do not function in a plan economy with fixed prices, and I have no economic reasoning to object their ability to adjust prices, be it based on supply / demand considerations, inflation rates or even discretionary if this fits their business model. (As you noted yourself, other hotels, especially in the high end of the spectrum, and not only Hilton ones, have done that repeatedly in the past years, be it through point per night changes, category changes, and so on.) For me as consumer, the choices are obvious - continue to have my business with Hilton, move it to a competitor or opportunistically decide where to stay on discretionary basis, taking into consideration all relevant factors like location, comfort, hardware, etc. (and of course, price). I personally chose the latter, and currently have points pools with both Hilton and IHG, which I will avail of when and where it best fits my needs, I have zero pressure in that respect. My last remark here would be that over the recent years I have been more and more inclined to staying with IHG rather than Hilton - what I have been getting back as IHG 1R Diamond Ambassador has far outweighed what I have been getting back as Hilton Honors Diamond (and for the record, both status have been achieved and maintained through regular stay activities, no credit cards, no promo gaming, etc.)