At Frequent Miler, we keep a database of point valuations called “Reasonable Redemption Values.” These are estimates of the “worth” of airline miles, hotel points, transferable points, and more. The idea is that we try to identify the point at which it is “reasonable” to get that much value or more from your points.
This information is critical for making informed decisions. In fact, it’s a key component of the First Year Value information shown on our Best Credit Card Offers page, and it’s similarly used to show which cards offer the best value for everyday spend and which offer the best category bonuses.
When we first started looking at the value of hotel points, we used a laborious process that involved manually comparing the cash and award prices of hundreds of stays each year, then using those results to create RRV estimates. However, we now have a much better way of pinning down the value of Marriott points.
Overview
Gondola is a terrific free hotel search tool that shows prices of properties both in cash and in points, and it keeps data of both for searches done via its platform.
The kind folks over at Gondola have made this data available to us to identify hotel program point values. Thanks to them, we now have access to results from around 3 million domestic and international Marriott searches across over 9,000 properties, and each result shows both the cash and award prices for the same room. Using this data, we can provide a far better estimate of the “Reasonable Redemption Value” of Marriott points than we were ever able to obtain by using manual calculations.
Marriott caused quite a stir in the points-and-miles world last year when it raised the award prices for many of its most aspirational properties into the stratosphere, with some properties almost doubling in price overnight.
At the same time, it appeared that Marriott had also raised the cap on each tier of its “secret award chart,” meaning that the maximum points that it charges for each award level had gone up by ~5-10%. However, when we did this analysis last year, we found that the overall value of Marriott points had actually increased slightly.
Now that we’re more than a year out from the high-end increases, we were curious to see what we’d find. Would we see evidence of subtle devaluation through dynamic pricing, or further stability in the value of Marriott points?
Based on Gondola’s data, Marriott’s Reasonable Redemption Value (RRV) remains remarkably steady. It’s gone up by one one-hundredth of a cent, to 0.77 cents per point.
Background
When collecting points and miles, it’s always good to have a general idea of what points are worth. Let’s say, for example, that you have the opportunity to either earn 1,000 Hyatt points or 2,000 Marriott points. Which should you go for?
If you don’t know what the points are worth, you’d likely go for the Marriott points. But, in our analyses, we’ve found Hyatt points to be worth more than twice as much as Marriott points. Therefore, on average, 1,000 Hyatt points are worth more than 2,000 Marriott points. In this post, you’ll find my best current estimate of the redemption value of Marriott points.
Methodology
In order to determine the value of Marriott points, we looked at Gondola’s collected, real-world cash and point prices for over 9,000 Marriott properties. Since Marriott award bookings are fully refundable, we excluded data on all cash rates that were non-refundable to make it a complete apples-to-apples comparison. We also used the Total Cash Rate, which includes taxes and any local fees.
Hotel Programs that Waive Resort Fees on Award Stays
Hilton, Hyatt, and Wyndham waive resort fees when you book stays using points or free night certificates. For these chains, the resort fee need not be considered separately from the Total Cash Rate (which includes it). So, the RRV calculation is as follows:
RRV = Total Cash Rate ÷ Point Price
Hotel Programs that Charge Resort Fees on Award Stays
IHG, Marriott, and many other hotel programs impose resort fees on award stays. For these chains, the resort fee must be explicitly accounted for in the calculation. We do that by having Gondola subtract it from the Total Cash Rate. The RRV calculation is as follows:
RRV = [Total Cash Rate – Resort Fee] ÷ Point Price
Gondola Data
For our hotel RRV values, we use the median we observe based on Gondola data. If the median is 1 cent per point, that means half of all searches produced a value below 1 cent per point, and the other half above 1 cent per point.
- Gondola Median Observed Value for Marriott redemptions: 0.77 cents per point
(based on data as of March 16th, 2026) - Range: .23 to 3.69 cents per point
Brand Comparison
Another cool feature of the data set Gondola provides is that we can see how point values vary across a program’s brands. Most brands stayed fairly close to Marriott’s overall value of 0.77 cents per point. However, there were a handful of outliers, and we’ve listed the four biggest positive and negative examples below:
| Brand: | RRV | Difference |
|---|---|---|
| Protea | 0.93 | +21% |
| Element | 0.86 | +11.6% |
| City Express | 0.83 | +7.7% |
| Towneplace Suites | 0.83 | +7.7% |
| Moxy | 0.68 | -11.7% |
| Delta | 0.67 | -13% |
| Tribute Portfolio | 0.67 | -13% |
| Design Hotels | 0.66 | -14.3% |
The standout brands are interesting for what’s not there. In contrast to past analyses, there’s no longer an outsized value to be had with more expensive luxury brands like The Ritz-Carlton or St. Regis. We’ve seen the prices of these hotels rise significantly over the past 18 months, and points prices now more or less match the elevated cash rates.
Tribute Portfolio and Design Hotels are once again bringing up the rear. Neither is owned by Marriott, but are independent properties that participate in the Bonvoy Program. My experience with both is that they tend to offer suboptimal value, and I’ve rarely found any reason to choose either in a given city or area.
Marriott Comparison by City
A new analytical feature that Gondola has added lets us check the relative value of Marriott points across a “basket” of popular destinations.
| Location: | RRV | Difference |
|---|---|---|
| Miami Beach | 0.86 | +11.7% |
| London | 0.85 | +10.4% |
| Paris | 0.84 | +9% |
| Cabo San Lucas | 0.79 | +2.6% |
| Chicago | 0.78 | +1.2% |
| New York | 0.77 | +0% |
| Las Vegas | 0.73 | -5.2% |
| Tokyo | 0.73 | -5.2% |
| Rome | 0.72 | -6.5% |
| San Francisco | 0.71 | -7.8% |
| Cancun | 0.68 | -11.7% |
| Los Angeles | 0.68 | -11.7% |
| Singapore | 0.67 | -13% |
| Bangkok | 0.66 | -14.3% |
| Honolulu | 0.61 | -20.8% |
| Orlando | 0.6 | -22% |
The majority of the destination hang out with +/- 10% of the overall Reasonable Redemption Values. There are some familiar names in the low-value areas when compared to what we found when looking at Hyatt points values: LA, Cancun, Singapore, and Honolulu. Also like Hyatt, Miami Beach seems to offer better value for your points than most other large domestic cities.
Results
Point Value
| Analysis Date: | 3/16/26 | 6/5/25 | 2/2/25 | 6/21/24 |
|---|---|---|---|---|
| Point Value (Median) | 0.77 | 0.76 | 0.76 | 0.70 |
| Minimum Point Value | 0.23 | 0.17 | 0.48 | 0.49 |
| Maximum Point Value | 3.69 | 3.46 | 1.81 | 1.3 |
The median observed point value for the latest analysis was 0.77 cents per point. This means that half of the observed results offered equal or better point value, and half offered equal or worse value. Another way to think about it is that, without cherry-picking the best awards, you have a 50/50 chance of getting at least 0.77 cents in value from your Marriott points when booking free-night awards.
In our last data collection in June of 2025, the median cents-per-point value was 0.77. We reached almost exactly the same result this year, as the Reasonable Redemption Value for Bonvoy points went up by a miniscule .01 cents.
Pick your own point value
| Analysis Date: | 3/16/26 | 6/5/25 | 2/2/25 | 6/21/24 |
|---|---|---|---|---|
| 50th Percentile (Median) | 0.77 | 0.76 | 0.76 | 0.70 |
| 75th Percentile | 0.91 | 0.92 | 0.89 | 0.83 |
| 90th Percentile | 1.11 | 1.12 | 1.01 | 0.94 |
When we publish Reasonable Redemption Values (RRVs) for points, we conservatively use the middle value, i.e., the 50th percentile. The idea is that just by randomly picking hotels to use your points, you have a 50/50 chance of getting this value or better. But what if you cherry-pick awards? Many people prefer to hold onto their points until they find good value uses for them. If that’s you, then you may want to use the table above to pick your own point value. For example, if you think that you’ll hold out for the best 10% value awards, then pick the 90th percentile. If you cherry-pick a bit, but not that much, you might want to use the 70th percentile (for example).
We’re guessing that most cherry-pickers will land around the 75th percentile: 0.91 cents per point. Another way of saying it is that folks who cherry-pick good-value awards can count on getting at least 0.91 cents per point. For those who do the most extreme cherry-picking, the 90th percentile remains almost identical to last year at 1.11 cents per point.
Reasonable Redemption Value: 0.77 Cents Per Point
Our Reasonable Redemption Value (RRV) for Marriott points was previously set at 0.76 cents per point, and it’s up ever-so-slightly after this analysis. RRVs are intended to be the point at which it is reasonable to get that much value or better for your points. Therefore, we believe that the median observed value is a good choice for our RRV.
- Reasonable Redemption Value for Marriott: 0.77 cents per point
- Reasonable Redemption Value for those who cherry-pick awards: 0.91 cents per point
Overvaluing vs. Undervaluing Points
There is no perfect way to estimate the value of points. Decisions we made here, in some ways, overvalue points and, in some ways, undervalue points. The hope is that these things roughly offset each other.
Factors that cause us to undervalue points
- With hotel programs that offer 4th Night Free Awards (IHG, with some credit cards), or 5th Night Free Awards (Hilton & Marriott), or award discounts (Wyndham), we do not consider the point savings in our analyses.
- With hotel programs that offer free parking on award stays to top-tier elites (Hyatt), we do not factor this in.
Factors that cause us to overvalue points
- We do not use discount rates (other than member rates) in our analyses. In real life, many people book hotels more cheaply (and sometimes far cheaper) by using AAA rates, government & military rates, senior rates, etc.
- We do not use hotel promotional rates. Often, individual hotels have deals such as “Stay 2 Nights, Get 1 Night Free,” which can greatly reduce the cost of a stay.
- We do not use prepaid rates in our analyses. Sometimes these rates are significantly lower than refundable rates.
- We do not factor in rebates that can be earned by booking hotels through shopping portals.
- We do not factor in extra points earned on paid stays for elite-status members.
- We do not factor in rewards earned from hotel credit card spend.
- We do not factor in hotel loyalty program promotions: Most promotions, but not all, only offer incentives for paid stays. We often see promos offering bonus points, double or triple points, free night awards, etc.
- With hotel programs that waive resort fees for top-tier elites on paid stays (e.g., Hyatt), we do not factor this in.
Conclusion
Based on the latest analysis, we’ve left our Marriott RRV at 0.77 cents per point. The idea is that you have an equal chance of getting that much value or more from your award stays.
This might seem bizarre to some folks who have seen the prices of their favorite hotels go up over the last year, or who have read numerous articles about the “devaluation” earlier this year.
However, when looking at a large swathe of properties across the US, we’re still seeing the median value hovering in the same 0.7-0.8 range it’s been in for the last three years. Bonvoy points may be worth much less at certain properties, but we’re not seeing the same across the program, though that’s cold comfort to people who were stashing their points for an outsized redemption in the Maldives or at the JW Marriott Masai Mara.
For a complete list of Reasonable Redemption Values (and links to posts like this one), see: Reasonable Redemption Values (RRVs).
Want to learn more about miles and points? Subscribe to email updates or check out our podcast on your favorite podcast platform.
just like the recent hyatt rrv data, the below average values on asian properties mirrored my experiences/calculations. measuring against acquired cost and efficiency (without access to usa cc), marriott, hilton, and hyatt are “not it”.
As a globalist Hyatt member, I always compare the cash price with the points price for value considerations. If I pay cash with my World of Hyatt card I will receive about 10 Hyatt
points per dollars spend on the actual room rate and 4 points on the taxes and fees. I value Hyatt points at about 1.8 cents per point so I subtract this from the total cash price. I then compare the “adjusted” cash price with the number of points required. I need a number over 1.70 cents per point to use points. Marriott is similar. I am a lifetime titanium so receive 17.5 points per dollar spent from marriott and 6 additional points from the credit card. The value of 23.5 points must certainly be subtracted from the total cash cost before deciding whether to use cash or points for a booking. I am curious about why you don’t consider the points earned for cash by a minimum elite member in your calculations.
Ira S Chorush
Used to personally value them at 0.8 cents per point at breakeven, now down to 0.6, which is disappointing. Basically, on-par with Hilton and IHG, so not worth transferring from banks unless top-off. Amex does 1:2 for Hilton; they probably should do at least 1:1.5 for Marriott.
Yes, I am down to 0.6 also and can’t even find that rate too often where I traveling. This year I will be using Bonvoy points to pay myself back on the Chase Bold card at 0.8 CPP up to the maximum.
good analysis. my data shows I’m getting 1.46cpp after redeeming 1.6M Marriott points so far- obviously I’m being choosy with redemptions so definitely 90th+ percentile
I don’t normally point this stuff out since I don’t like to nitpick, but this post is probably designed to last for awhile and is really important for a lot of people. You wrote: “Marriott Comparison by City A new analytical feature that Gondola has added lets us check the relative value of Hyatt points across a “basket” of popular destinations.” I’m guessing that “Hyatt” was supposed to be “Marriott”.
Thank you – just fixed this
[…] internationale blogs vurderer løbende værdien af point. Frequent Miler er kommet frem til en værdi på 0,7 – 0,8 cent – altså lidt mindre end den pris, jeg […]
Imagine consistently getting 2.5 cents of value out of Marriott points. Certainly, a niche redemption. But, you’ll never hear about it in a public forum.
I’d like to know . . .
But, you’ll never hear about it in a public forum.
Thanks for all the effort and getting to a value based on actual data. I am surprised the the wide range though and curious that where you get more than 1cpp.
So far I have been eyeballing the value around 0.7cpp. If it is much lower than that then I would not use points.
I also don’t use points just based on redemption value, I know that is not part of this article, but how many nights I get is very important, I don’t have points for upper class splurge.
G&T:
(The above salutation sounds like what I should be indulging in while sitting on the dock at Lake Washington.)
This data substantiates the value of the work you guys have accomplished in the past to arrive at your RRVs.
As a Marriott loyalist (among my least admirable attributes) it’s much appreciated.
However, the Gondola site still seems a bit too invasive for my (paranoid) appetite.
So, sorry, but I’ll continue to rely on your research and credibility.
Thanks for all you do to keep us entertained and informed.
Appreciate that you now have access to a much more robust dataset via Gondola. Amazing how close the old methodology seems to be (without the crazy tails of such a large set). I do miss the old, “follow along with pencil & paper at home” in a way that anyone could replicate for their destination. I also wonder about RRV with differentiated subsets. e.g. domestic v. international.
If you have the Chase Marriott Bold card, you can pay with with points at $.008 per point. EX. If you book straight with points, the Santa Ynez Valley Marriott is 40k per night (6/17-6/18) but the pay with points would be 25,000 points (based on $180 per night room rate). This opens up a lot of opportunities for value as you can book a hotel with poor point redemption (like the aforementioned example) and just do the statement offset instead.
And you’ll earn points on that stay and spend too. Dropping the net points price even lower than the 25k.
The Bold card doesn’t get a lot of press so that’s interesting to know. That said it seems it’s mainly of value to those generating a lot of Marriott points directly (probably through work travel, living out of hotels, or very expensive stays). Transferable points would be better off cashed out closer to 1cpp to pay directly for the booking, or at 1.5 – 1.6cpp via the USB AR or Chase Aeroplan card as a travel redemption where you still earn points and bonuses as a cash booking. The transfer bonuses from AMEX and Chase to Marriott have rarely been high enough to make the 0.8cpp option a better value.
I am surprised there is no mention of the Chase Marriott Bonvoy Bold Pay Yourself back at 0.8 CPP for the first $750 per annum. So 0.76 is not a very reasonable redemption value for the first $750 per year.
That’s outside the purview of this post, as it’s a credit card benefit. This post is about the value of Marriott points when using them towards award nights.
This really helps the community understand that RRV is a point estimate in the middle of a nebulous fuzzball. And, it’s not until one looks at a specific redemption that a person sees their own value.
In that sense, you’ve shown that a Marriott redemption is like quantum mechanics.
As I think about it, understanding Marriott’s elite breakfast benefit is the same way. 🙂
LOL!
The problem with these kind of valuations is that they don’t account or factor in the complete failure of Marriott to police its Bonvoy participating properties and ensure that promised benefits are, in fact, provided to eligible guests. So even if you find a high-value redemption, the overall value of the Bonvoy points is still significantly lower because you can’t count on the promised benefits being delivered.
I’d argue that this has nothing to do with the value of the points and everything to do with the value of status with Marriott.
Points are worth less if you don’t get what you’re expecting to receive.
Sorry, FNT, you’re just wrong. If you use X amount of point and get shitty service or if you use $Y and get the same shitty service, the point is worth $Y/X per point. As how it is calculated. It has nothing to do with points and 100% what Brutus pointed out, the brand value of Marriott.
I agree with you that Marriott does suck at policing the individual brands. For instance, some property showed up at a whopping 0.17 CPP in the FM analysis. That being said, how elite benefits are managed across the brands is completely unrelated to this CPP study. Cpp based on a pure price to points comparison, it has absolutely nothing to do with Elite benefits.
Points are worth X to someone without tier status and benefits. Points are worth Y to someone with tier status and benefits.
Precisely. Taking this point further, those with Marriott status but without Hyatt status (or whatever hotel brand) will give a slight bump in value to the former while discounting the latter since you know one offers a reasonable chance of getting some food or upgrade benefits via status while the other has a chance pretty close to 0%.
Wow, gotta go chase after this mythical 3+ cpp redemption now.
Would be interesting to see what the top and bottom of value properties are.
I’m also curious about the property that attains 0.17 cpp. What were they thinking they just going to get away with charging 90k points for a $150 property? They need to be shamed.
I would assume it’s a very cheap international property that has maybe a 20K per night award floor but a cash rate around $30.