I tried searching Milesbuzz for this topic, but could neither find related threads nor get a detailed search to actually work.

I have airline miles and would like to exchange some for hotel points. I know a literal exchange is not possible. If I would offer an airline award in exchange for a hotel award, is there a good rule of thumb to follow for valuation? Should the miles/points be exchanged on a 1-to-1 basis, or on the potential dollar value of the award? Or is there something else to consider?

Thanks in advance for any bits of wisdom you can provide. I have never done this before.