The conversion of these cards is done by the front desk, isn’t it? And they only have their front desk exchange rate, which is usually 8% or do worse. That’s what they would go if you gave the $50 cash.

does anyone have an example of using it abroad and how the rate compared to a no forex fee Visa/Amex ?

the prevailing wisdom is to never use hotel gift cards abroad. I’d love to be proven wrong.