Hotel Points Value in 2026: What Every Major Program's Points Are Worth in Cents

Disclaimer: Six of the eight programs below use dynamic or semi-dynamic award pricing, so every value here is an estimate built from 2026 data available at the time of writing, and the number you get on a specific booking will differ. Valuations are attributed to their publisher and month. Verify current award pricing on the program’s own site before transferring or buying points. This article contains affiliate links; we may earn a commission if you apply through them, at no cost to you.

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A hotel point is worth somewhere between a third of a cent and two and a half cents, depending on whose logo is on it. As of September 2026, the five publications that value points for a living put World of Hyatt at 1.4 to 1.8 cents (The Points Guy 1.65, Frequent Miler 1.5, NerdWallet 1.8, One Mile at a Time and Upgraded Points 1.4), Marriott Bonvoy at 0.7 to 0.75, IHG at 0.5 to 0.6, and Hilton at 0.35 to 0.5. Accor’s ALL points sit above all of them at a fixed 2 euro cents, and Wyndham and Choice land between 0.6 and 0.9.

This page is the cross-program reference: how those numbers get made, why the publications disagree, and one table that converts any balance into dollars. Property-level sweet spots live in the guides linked from each program section.

Key Facts: Hotel points value in 2026

• Consensus values, September 2026: Accor 2.0 to 2.3 cents, Hyatt 1.5, Choice 0.75, Wyndham 0.7, Marriott 0.7, IHG 0.6, Best Western 0.6, Hilton 0.4
• Only Hyatt and Accor publish fixed award charts; Marriott, Hilton, IHG, and Best Western price dynamically, and Wyndham moves to a four-tier fixed chart (5,000 to 45,000 points) on September 15, 2026
• Hilton’s standard-room cap is 250,000 points per night after three devaluations between December 2024 and September 2025; Marriott raised prices 5 to 10 percent across the board in July 2026
• Free-night-on-long-stay rules: Marriott’s 5th night free is for all members, Hilton’s is for Silver elites and above, IHG’s 4th night free is for Chase cardholders only, and Hyatt has none
• Chase moves Sapphire Preferred and Ink Business Preferred transfers to Hyatt from 1:1 to 4:3 on October 1, 2026; the Sapphire Reserve keeps 1:1, and Amex to Hilton at 1:2 is the best hotel ratio anywhere

How Are Hotel Point Valuations Calculated, and Why Do the Publications Disagree?

There is no exchange rate for hotel points. Every published value is a model, and the models differ in two ways.

Medians versus judgment. Frequent Miler’s Reasonable Redemption Values and NerdWallet’s valuations both run on Gondola, a booking platform that records cash and points prices side by side. Frequent Miler reports the median: half of observed award nights return more, half less. Its Hyatt figure (1.5 cents, June 2026) came from 555,000 searches; its Marriott figure (0.73 cents, July 2026) from nearly 3 million. NerdWallet analyzed over 15 million prices in August 2026 and lands on 1.8 for Hyatt, so the same data source yields a 20 percent gap depending on the statistic. The Points Guy and One Mile at a Time publish monthly expert estimates instead, which TPG describes as “based on factors such as award pricing, redemption opportunities, fees, program rules and extensive redemption data.” Judgment moves slower than data, which is why TPG shows Hyatt at 1.65 while the observed median has already fallen to 1.5.

What gets excluded. Frequent Miler leaves the Marriott and Hilton fifth-night-free benefits out of its medians. No headline number accounts for resort fees, which Hyatt and Hilton waive on points stays and Marriott does not, per The Points Guy. And no model prices your own behavior: redeem only at the 90th percentile and Frequent Miler’s data says your Hyatt points are worth 2.6 cents, not 1.5.

Treat the consensus figure as a hurdle rate, not a promise. Clear it and you beat the typical member; miss it and pay cash.

What Every Major Hotel Program’s Points Are Worth in 2026

Low and high are the extremes published by The Points Guy (September 2026), Frequent Miler (RRVs updated February to July 2026), NerdWallet (August 2026), One Mile at a Time (September 2, 2026), and Upgraded Points (September 1, 2026). Consensus is where they cluster, rounded to 0.05 cent.

To convert a balance, multiply by the consensus and divide by 100. A 200,000-point Hilton balance is about $800; the same number of Hyatt points is about $3,000.

What a hotel point is worth, program by program

Cents per point, September 2026

What Are Hyatt Points Worth? About 1.5 Cents

Hyatt is the one big US program with a fixed, published award chart, which is most of why its points hold value. Since May 20, 2026 the chart has five tiers per category, from 3,000 points to 75,000. Frequent Miler’s median fell about 10 percent with the change, from 1.7 cents in March to 1.5 in June 2026, with the 90th percentile at 2.6. What beats 1.5: low-category properties at the Lowest and Low tiers, Hyatt Regency awards (1.86 cents on Frequent Miler’s brand data), and Alila Ventana Big Sur or the Park Hyatt Maldives on peak dates. Hyatt has no free night on long stays, so the per-point figure is the whole story. Details in our World of Hyatt redemptions guide.

What Are Marriott Points Worth? About 0.7 Cents

Marriott dropped its chart years ago and prices every night dynamically with no published ceiling. Over a weekend in early July 2026 it raised prices 5 to 10 percent across the board, per One Mile at a Time, and Frequent Miler’s median slid from 0.77 cents (March) to 0.73 (July), with the 90th percentile at 1.10. Two things beat the average: the Fifth Night Free, which every member gets on standard redemptions and which Frequent Miler excludes from its median, so 5-night bookers do about 20 percent better than 0.73; and high-cash-rate resorts where the points price lags the room rate. Remember that Marriott still charges resort fees on award stays. Our Marriott Bonvoy redemptions guide names the properties.

What Are Hilton Points Worth? About 0.4 Cents

Hilton is the cheapest currency here and the one that has lost the most. Three devaluations between December 2024 and September 2025 pushed the standard-room cap from 120,000 to 250,000 points per night, and Upgraded Points documented another round of mid-tier increases in September 2026 (The Art Hotel Denver went from 50,000 to 65,000). Frequent Miler’s median is 0.35 cents (May 2026), down from 0.48 two years earlier, with the 90th percentile at 0.52. Two levers beat that. The Fifth Night Free, for Silver members and above on standard-room rewards, takes 20 percent off 5-night blocks. And Amex Membership Rewards transfer at 1:2, so an Amex point returns 0.7 to 1.0 cents at Hilton, more at a Waldorf Astoria or Conrad award. The sweet spots are in our Hilton Honors redemptions guide.

What Are IHG Points Worth? About 0.6 Cents

IHG prices dynamically with no chart, floor, or ceiling, but its numbers have drifted the right way: Frequent Miler’s median is 0.59 cents (May 2026) and The Points Guy holds 0.6 in September 2026. Regent (0.71), Kimpton, and Six Senses (0.66) awards run above the median on Frequent Miler’s data. The lever that matters most is not a member benefit at all: the fourth reward night free belongs only to Chase IHG cardholders, and it takes a flat 25 percent off any 4-night standard-room award, lifting a 0.6-cent point to an effective 0.8. Chase Ultimate Rewards transfer at 1:1. The full breakdown is in our IHG One Rewards redemptions guide.

What Are Wyndham Points Worth? About 0.7 Cents

Wyndham is the value play among budget programs because its chart is fixed. Every free night costs 7,500, 15,000, or 30,000 points per bedroom today; on September 15, 2026 that becomes 5,000, 15,000, 30,000, and 45,000, with 45,000 reserved for what Wyndham calls “a small number” of its top hotels. Frequent Miler’s RRV is 0.67 cents (April 2026); Upgraded Points is the outlier at 0.9. What beats 0.7: Caesars Las Vegas properties at 15,000 or 30,000 points on non-Saturday nights, and the Barclays card discounts. The no-fee Earner and $95 Earner Plus take 10 percent off award nights, the $149 Earner Business 20 percent, and the new $395 Wyndham Rewards Earner Premier 25 percent, with 30,000 anniversary points and Diamond status. Chase (since February 2026), Capital One, and Citi all transfer at 1:1. The fixed chart, the new 45,000 tier, and the Barclays card discounts are covered in our Best Wyndham Rewards Redemptions guide.

What Are Choice Points Worth? About 0.75 Cents

Choice has the widest spread in the table, from 0.6 cents (One Mile at a Time, Upgraded Points) to 0.85 (The Points Guy, September 2026), with Frequent Miler’s median at 0.75 (February 2026). Pricing starts at a published 6,000 points per night, most hotels sit between 12,000 and 30,000, and some use peak and off-peak levels, per Frequent Miler. A January 1, 2026 overhaul cut the elite thresholds (Gold 5 nights, Platinum 15, Diamond 35) and added Titanium at 55 nights, which books 400-plus premium properties for half the points. What beats 0.75: international Ascend properties and the Preferred Hotels partner redemptions, where the points price stays inside the published range while the cash rate does not. The Wells Fargo Choice Privileges Select Mastercard ($95) grants Platinum and 30,000 anniversary points. Citi transfers at 1:1.5 (cut from 1:2 on April 19, 2026); Amex and Capital One at 1:1. The Preferred Hotels and Strawberry sweet spots, plus the Wells Fargo card math, are in our Best Choice Privileges Redemptions guide.

What Are Accor Points Worth? A Fixed 2 Euro Cents

Accor Live Limitless is the outlier: ALL points have a fixed cash value, 2,000 points for €40 off a stay, redeemable in 2,000-point increments after a 1,000-point minimum, against room, dining, or spa charges. The 2.0 to 2.3 cent spread across publications is just exchange-rate assumptions. Nothing beats the average because there is no average. The limits are structural: Accor’s US footprint is thin, points expire after 12 months without activity, and the transfer ratios are poor. Capital One and Citi both move points to ALL at 2:1, so 1,000 bank points become 500 ALL points worth about €10, roughly 1 cent per bank point, below what Chase or Amex points fetch almost anywhere else.

What Are Best Western Points Worth? About 0.6 Cents

Best Western Rewards is the smallest program here and the only one with no transfer partner at a major bank. Awards price dynamically within a published 8,000 to 70,000 point band, with Best Western Plus city properties typically 20,000 to 35,000 and Premier properties or peak dates 40,000 to 70,000, per The Points Guy. Valuations cluster at 0.5 to 0.6 cents; Frequent Miler’s last RRV, 0.61, dates from 2024 and has not been refreshed. What beats 0.6: highway and small-town properties at the 8,000 to 12,000 point floor on dates when local demand pushes the cash rate up. Best Western sells points at 1 cent each, above every published value, so earn these through stays rather than buying them.

How Do Transferable Currencies Change the Math?

Most high earners hold hotel points as a derivative of bank points, and the ratio changes everything. Frequent Miler values Chase, Amex, and Citi points at 1.5 cents each and Capital One at 1.45; The Points Guy and Upgraded Points run 1.85 to 2.2. Any hotel transfer has to clear that bar after the ratio.

Chase Ultimate Rewards. Four hotel partners: Hyatt, IHG, Marriott, and, since February 25, 2026, Wyndham, all nominally 1:1. Hyatt is the only one worth the trade, which is why the October 1, 2026 change matters: Sapphire Preferred and Ink Business Preferred (and the legacy Ink Plus) move to 4:3, so 100,000 Chase points become 75,000 Hyatt points, about $1,125 at 1.5 cents. The Sapphire Reserve and Reserve for Business keep 1:1, with “no planned changes,” Chase told The Points Guy. New Preferred applicants have been at 4:3 since June 15; existing cardholders have through September 30. Chase no longer bars holding both cards, so combining points onto a Reserve before transferring is the durable fix. Our Chase Ultimate Rewards redemptions guide covers the airline side.

Amex Membership Rewards. Hilton 1:2, Marriott 1:1, Choice 1:1, and Leading Hotels of the World at 4:1 (added July 28, 2026). Hilton is the one worth knowing: an Amex point becomes two Hilton points worth 0.7 to 1.0 cents combined, or 1.4 to 2.0 aimed at a Waldorf or Conrad award returning 1 cent per Hilton point. Marriott at 1:1 turns a 1.5-cent point into a 0.7-cent one. The Amex Membership Rewards redemptions guide covers the airline math that usually wins.

Capital One and Citi. Capital One moves to Wyndham 1:1, Choice 1:1, Accor 2:1, and I Prefer 1:2. Citi (Strata Premier and Elite) moves to Wyndham 1:1, Choice 1:1.5 (down from 1:2 since April 19, 2026), Accor 2:1, I Prefer 1:2 (down from 1:4), and Leading Hotels 5:1. None clears the bank-point baseline at face value; Citi to Choice comes closest, with 1,000 ThankYou points becoming 1,500 Choice points worth about $11.25.

Only Chase to Hyatt (at 1:1) and Amex to Hilton (at 1:2, aimed at a sweet spot) routinely beat the bank-point baseline. Everything else is a top-off for a booking you have already priced. The credit card strategy guide covers which cards keep the right currency on hand.

When Should You Buy Points or Use Points and Cash?

Buying makes sense in one case: a specific award is priced and available, and the purchase price per point is below what it returns. Speculative buying is paying retail for a currency its issuer can devalue 10 percent over a weekend, as Marriott did in July. Current prices, per Upgraded Points, One Mile at a Time, and Frequent Miler (August and September 2026):

• Hilton: 1 cent base; a 100 percent bonus through September 25, 2026 puts it at 0.5 cents, capped at 160,000 purchased points a year. A loss against the 0.35 to 0.5 cent range unless the target is a 5-night Waldorf Astoria or Conrad award returning 1 cent or more.
• Marriott: 1.25 cents base; the 50 percent bonus through September 9, 2026 brings that to 0.83 cents on 40,000 or more. That is 19 percent above the 0.7-cent consensus.
• Hyatt: 2.6 cents base per One Mile at a Time; the 20 percent sale through October 5, 2026 prices points at 2.08, with a 55,000-point annual cap. Only for an award returning 3 cents or more.
• Choice: about 1.03 cents base, around 0.7 in promotions, per Frequent Miler. Close to fair against 0.75.
• Best Western: a flat 1 cent against 0.6. Never.
• IHG: no published price; One Mile at a Time has reported promotions around 0.5 cents, covered in the IHG guide.

Points and cash follows the same logic. IHG’s published top-up is 5,000 points for $40 (0.8 cents) or 10,000 for $70 (0.7 cents), both above the 0.6-cent value, and Marriott’s Cash + Points bookings forfeit the Fifth Night Free, per Upgraded Points.

Common Mistakes That Waste Hotel Points

1. Comparing point counts across programs. 100,000 Hilton points and 25,000 Hyatt points are worth $400 and $375 at consensus, and the Hyatt points buy a nicer room.
2. Treating the published value as a floor. It is a median. Half of all awards return less. Run cash divided by points on every booking.
3. Transferring Chase points to Marriott or IHG for convenience. That turns a 1.5-cent point into a 0.6 or 0.7-cent one. Top-offs only.
4. Booking 4-night stays at Marriott or Hilton and 3-night stays at IHG. One more night triggers the free one.
5. Ignoring resort fees. Hyatt and Hilton waive them on points stays; Marriott does not, and The Points Guy notes the fee can top $100 a night at some Marriott resorts, which turns a 0.7-cent redemption on a 50,000-point night into a 0.5-cent one.
6. Letting Accor points expire. Twelve months without qualifying activity and they are gone.

What to Do This Week

1. Price your balances at the consensus values. Anything under $200 is a rounding error; spend it on the next stay and stop tracking it.
2. Preferred and Ink Business Preferred holders: decide on Hyatt before September 30. Transfer 1:1 for stays you can price now, or add a Sapphire Reserve and combine points there.
3. Check every planned 4-night Marriott or Hilton award and every 3-night IHG award. Add the night that triggers the free one and recompute.
4. Run one Wyndham search after September 15. A 5,000-point night with a Barclays card discount is the cheapest points hotel night in the country.
5. Cancel any speculative points purchase. Hilton at 0.5 cents and Marriott at 0.83 are above value without an award attached.
6. Pick one program to concentrate in for 2027 using our hotel elite status guide, and route the rest of your spend to a transferable currency.

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Sources:

• The Points Guy: September 2026 points and miles valuations, Chase Ultimate Rewards transfer partners (September 7, 2026), Chase Sapphire Preferred cuts Hyatt transfer value (June 10, 2026), Wyndham launches premium card (June 17, 2026), Best Western Rewards guide
• Frequent Miler: Reasonable Redemption Values, What are Hyatt points worth? (June 2026), Has Marriott devalued its points? (July 2026), What are Hilton points worth? (May 2026), Choice Privileges complete guide, Citi ThankYou transfer partners, Wyndham award nights will range from 5K to 45K, Buy Hilton points
• NerdWallet: How much are travel points and miles worth in 2026? (August 25, 2026), Best value hotel rewards programs (August 6, 2026)
• One Mile at a Time: Points and miles valuations (September 2, 2026), Marriott Bonvoy points devaluation (July 8, 2026), Accor ALL points guide, Buy World of Hyatt points (August 6, 2026), Buy Marriott Bonvoy points
• Upgraded Points: Points and miles valuations (September 1, 2026), Amex transfer partners (August 21, 2026), Citi hotel transfer devaluation (April 2026), Hilton lower-tier devaluation (September 3, 2026), Fourth or fifth night free guide (September 4, 2026), Choice Privileges 2026 changes, Current points purchase promotions (September 2, 2026)
• Wyndham: Redemption terms and reward tier updates; Barclays: Wyndham Rewards Earner Premier
• Wells Fargo: Choice Privileges Select Mastercard
• Hyatt: Award chart updates; Marriott: Stay for 5, Pay for 4; Hilton: Fifth Night Free; IHG: Rewards FAQ

Related reading:

• Best Hotel Points Redemptions in the US
• Best World of Hyatt Redemptions in 2026
• Best Marriott Bonvoy Redemptions in 2026
• Best Hilton Honors Redemptions in 2026
• Best IHG One Rewards Redemptions in 2026
• Best Chase Ultimate Rewards Redemptions
• Hotel Elite Status ROI: Marriott vs Hilton vs Hyatt