Beach properties over holidays are likely targets for unicorn redemptions. As an example, the Zemi Beach House for 5 nights over New Years currently runs $9300 in room rate and $2325 in taxes/fees. A standard redemption would cost 440,0000 points, but as mentioned by sethb above, you also lose points for not paying cash. 9300*44 + 2325*14 = 441,750 is a high-side estimate for the points lost, and this gives a redemption rate of 1.3 cents per point. Another way to approach that is to assume that Honors points are worth 1/2 cent and then consider whether the proposed stay is worth the cash value of the points - so do I think Zemi is a good value at $440/night (I do).