This why I personally look at devaluations in the airline industry vs. hotel industry differently. Airline prices have largely stayed steady during the same period while hotel prices have risen dramatically. Devaluations for hotel points probably haven't changed the per cent value that much if you compared the new chart to 2021 (for Hyatt at least), while devaluations in the airline industry have likely had an outsized negative impact on per cent valuations.

Not an apologist, just trying to keep things in perspective.

Frankly, we just need the travel boom to run its course (or a recession) to reset demand and prices.