When I look at the Maldives, I see cash rates that make points worth far more than 1-2 cents per point. If the Ritz is 4K USD per night, 198K doesn’t sound like a bad valuation (if the Maldives is something you find desirable). I see plenty of Maldives properties that aren’t the Ritz for 100K or less.

I would be curious to hear of examples that aren’t the Maldives along with the comparison to the average cash rates at these properties.

Edit to Add: I pulled up Tokyo in March, and the points amounts seem about the same, if not less, than what I was seeing last month at top properties.