My valuations tend to be more conservative. My hurdle rate for using Marriott Rewards points is 0.87 cents each (i.e. less than 1 cent per point). If I can get 0.87 cents of value, I'll use an award otherwise I'll pay the cash. Even with this relatively low valuation, I haven't redeemed a Marriott award in a few years ( I think the Marriott Grand Flora in Rome for a week in 2002 was my last Marriott redemption). Most of our leisure travel is in the U.S. and we book well in advance so securing low rates is fairly easy.