This has been discussed on some WhatsApp groups for several weeks. Many hotels had a 10-15% devaluation, and a handful were more severe. In many cases, those who don’t hold the Chase cards won’t be getting more than .5cpp, although to be fair, that’s comparing to lowest rates available, which are often non-refundable (while points rates are flexible). Several highly priced hotels remain outstanding value, although the insane 70-80% discounts vs cash rates are much harder to find now. Of course IHG points rates have been a roller coaster ride for a while, with wild swings from eyewateringly high to shockingly great deals, so hopefully this apparent increase won’t be permanent.