Be that as it may, but there clearly is points inflation outpacing cash rate inflation.

Marriott is creating huge points liabilities through their own CC's, other credit card and airline miles conversion bonuses etc. The frequent traveller is losing out versus the high CC spender. As always, airlines are further along in this process than hotel chain and other loyalty programs.

Now don't give me the usual "take your money elsewhere" crap. Yeah, I am acting as a free agent whenever I can. Programs are becoming less rewarding (again, airlines are leading the way and other loyalty is taking cues from it).
But there is considerable market concentration, it's not a highly competitive market where I can easily avoid all things Marriott (or Hilton).