I have a view on this as someone who gets suite upgrades as a matter of routine across Asia where most of my stays are.

Value is monetary in the context of something you pay for like a hotel room (as opposed to the value of friendship which is innumerable). In the context of a room upgrade, that monetary value is zero for me because this is exactly what I'd be prepared to pay for a suite at a hotel.

Suite upgrades are nice but there's no value to them because they're not saving me any cold hard cash that I would otherwise be prepared to pay. I have recently got the Presidential Suite quite a few times at a well-known Bangkok Bonvoy hotel and this goes for THB20,000++ a night. I have paid for the basic room costing about THB6,000 a night. The Presidential Suite has no monetary value to me because I'd never pay for it. It's nice and the shower room with its exciting power sprays could fit up to eight people but I wouldn't pay for it. It's the same with late check out. I don't think I'd ever pay for a 4pm late check out but about 30-50% of times I will hang around until late afternoon and utilise the free late check out if I have it just as I utilise the exciting shower room in the Presidential Suite when I have it.

If we look at the other benefits then they do have monetary value to me. Breakfast is an obvious one, though really its value is the price of a couple of black coffees and some egg dish as this is what I'd otherwise buy outside the hotel rather than the price of the full hotel buffet that is on offer. Evening booze and food in the lounge has real value to me especially in countries like SG, ID, or MY where alcohol can be more pricey so to get tanked up on free flow in the lounge before an evening on the town is a real monetary value-add. In TH, getting tanked up in the lounge before heading out defeats the purpose of going out for the evening as I'm getting old and still have that shower room in mind so I keep my consumption in the lounge down these days.