The "squeeze" is simply the current state of the economy. Hotels are full and able to command higher rates. As that happens, the basic things we like about award programs - free rooms, upgrades, etc. - become scarce.

To Marriott's credit, the "squeeze" has been less here than at Hilton or Starwood. Starwood recently implemented a devaluation that raised the redemption rate on hundreds of properties by anywhere from 20 to 133 percent - with a bunch of fairly "vanilla" properties jumping 33 to 43 percent. Hilton has stripped benefits from their elite levels at certain properties - including major hotels in SF and NY.

Marriott's squeeze, so far, has simply been higher rates and an anecdotal (but unproven) discussion about a future tightening of standard award availability. Since the higher rates are in line with market forces, unlike Starwood's massive devaluation, I can't really complain about that too much.

On the plus side, last year Marriott added 2 points per dollar to those of us in the U.S. (with access to the Chase Visa). Marriott continues to publish BB's, PP's, and EEO's. They added a Free Night every time you pay your credit card annual fee. (Well, maybe Chase is technically "paying" for that, but still...) The beds are better. They still continue to send me crazy-good offers if I'm willing to endure a 90-minute timeshare pitch. (Right now, I'm not, but still...)

My (relatively minor) issues with Marriott are the same as they were 3 years ago: front desk training and poor treatment at properties they have deemed to be a "resort". But those are unrelated to any bull-market-driven "squeeze."