No you should read the FAQ at Hotels.com.
https://www.hotels.com/one-key

Major devaluation, what a shame. Buh-bye!

I suspect that Expedia made enough money off of hotel bookings on their own site where there was no permanent rebate, that they figured they are not going to lose much if Hotels.com is essentially gone. Given that no other hotel booking site provides a meaningful discount, they may very well be right. Where are the users going to go?

It looks like the Hotels.com credit card will still effectively get 2.2% back after the program transition, so it may still be a decent option, especially for people who travel internationally. There are a few other cards that get >=2% return on all spend but most of them have foreign transaction fees.

With this change, Expedia has materially degraded my interest in using Hotels.com.

At a minimum, Capital One Venture X gets more than that (depending on how you value their points, but certainly in my valuation), has no foreign transaction fees either (although they are pretty paranoid with foreign spending, so be ready to get a lot of SMS and various alerts).

The Hotels.com Wells Fargo card is terrible - I have it and haven't used it in a long time. It was only useful to add an occasional extra night (when I had 9 and was just short 1 to get to the free stay).

P.S. That reminded me - just called and canceled that card (was planning to since a while ago, but kept forgetting)

What's gonna happen with hotels.com gift cards, I have a few of those.

I also have used them for at least 10 years just used them my last 2 trips 21 nights Japan and 6 in London. Wish I had known before I booked with them now trying to get rid of my free nights .I have 9 left to use .I hope I will get rid of them before they change .Not sure who I will use next overseas trip later this year. I dont really like chain hotels .

I wont use them it was a great program sad its over but seems every good thing is getting taken away .

I have 17 upcoming reservations between now and September but when I checked these bookings are all at low prices compared to what I can book now, even without the discount. There has been a lot of inflation in hotel prices. For future reservations, I will have to do more shopping. In the past I have tended to use hotels.com as the default option, so I would make my first reservation there, then look around for cheaper alternatives, which I found sometimes but not often. Now I expect that I will use my hotel chain credit cards more. The value of the hotel points will probably now beat hotels.com. Still I have had more than 20 reward nights with hotels.com, I am sorry it is going but it was good while it lasted.

I hear you on that. The game changes, with the deals perhaps becoming a bit more effervescent, transient and less reliable; but there are still deals to be hunted and money to be saved. But I’ll miss what I got out of hotels.com rewards, and that will cost Expedia some of the share of my spend that it got because of Hotels.com reward program.

Any other hotel booking programs that provide a decent return on spend now that hotels.com Rewards is being gutted?

I've never used hotels.com before but recently booked a 3 week trip for my parents & their friends which will total 72 nights in all. Neither they nor their friends care about hotel programs so I created an account & booked everything on hotels.com. I'm paying for everything & the 72 nights cost around $10K in total. The trip starts next week & will end around the 25th of May.

As per the current program terms, I'm assuming this will get me 7 free nights once the stays are complete. The total spend for the 72 nights is around $10K so lets say for the ease of calculations, I'll have 7 nights at a value of around $140 a night. This would get converted into $140 X 7 = $980 OneKeyCash under the new program if I were to earn the nights before the new program kicks in. If the new program kicks in before I earn these rewards then my earning would go down to 2% of $10K = $200.

Is my understanding correct?

Also, one room had to be cancelled & it was past the cancellation deadline so I have been charged for it. Will I get a stamp for that booking under the current hotels.com program?

would also like to know this
for various reasons I can’t be tied to one brand
could book through Qantas hotels although not always competitive and uncertain about coverage in more out of the way places

I got a message saying program starts July 7th so you would have earned them if trip ends before. I was told my remaining nights would roll over same value for nights earned before change but future rewards new rate.

Good to know. Trip ends on the 25th of May.