I was just reflecting this morning on Bonvoy, the great redemption values I've been getting lately, and how dynamic pricing has not been the gutting of the program that many of us expected.

All my redemptions recently have been over 1 cpp and quite a few have been in the 1.5 to 2 cpp range. Considering that the generally accepted valuation has hovered around .7 cpp since the SPG acquisition, I consider that pretty decent.