Marriott devaluation: TPG analyzes the impact of Marriott’s recent award pricing changes

If you’ve seen higher prices lately for redeeming your Marriott Bonvoy points, you’re not alone. Award rates have increased at several Marriott properties — but paid rates are also on the rise as well. So are you actually getting less value for your points, or do you just need more to coincide with the cash rate?

To answer this question, we repeated our 2022 analysis from when Marriott first launched dynamic pricing, crunching the numbers on a range of properties across the Marriott Bonvoy portfolio.

And, unfortunately, the data shows that, on average, your Marriott points are worth less today than they were just a few years ago.

In fact, more than two-thirds of the 51 properties we studied now have lower average redemption values. Overall, the value you can get from your redemptions at these properties has decreased by more than 15% — and now sits at 0.7 cents per point.

Here, we’ll go over how we analyzed the value of Marriott points and what the results mean for you.

Related: An overview of the 35 Marriott hotel brands

Methodology

As noted previously, we used the same methodology from 2022, which occurred shortly after Marriott Bonvoy removed published award charts and switched to dynamic pricing. The 51 properties we’ve been assessing over the last three years run the gamut in terms of brand, price and region. They include both luxury and budget-friendly properties, some TPG staff favorites and around 20 properties from Marriott’s list of most popular points redemptions. We believe they represent a cross section of Marriott’s 9,000-plus hotels around the world.

For these properties, we checked cash and award rates for all available dates in May, June, September, November and December 2025. Then, we divided the cash price by the points rate to calculate a redemption value for each individual night — excluding resort fees, which are imposed on both paid and award stays.

Finally, we averaged those values for each property and compared them to our April 2022 results.

In all, that meant nearly 15,000 individual pieces of data to demonstrate how valuable your rewards are.

So, how has the value of Marriott Bonvoy points changed in three years of dynamic pricing? Let’s take a look.

Overall impact of Marriott’s award pricing changes

In total, 35 of our 51 sample properties (68.6%) saw a drop in the value you get from redeeming points compared to 2022. In some cases, these were minor drops — but other properties saw a significant decline.

For example, the St. Regis Amsterdam was among the most valuable redemptions in 2022, with members receiving an average value of 1.21 cents per point. Now, our data shows that it has dropped to 0.89 cents per point, nearly 20% lower.

And while 31.4% of the properties we analyzed now offer a higher value, many of those were already below average.

For example, based on our 2022 searches, you could get an average value of 0.47 cents per point at The Westin Toyko. Now, the data shows that it has increased to 0.58 cents per point (on average). However, both the 2022 and 2025 numbers are well below our February 2025 valuation of 0.85 cents and the new average of 0.7 cents per point.

There are still some properties on this list where you can expect to get outsize value from your Marriott points — we’ll detail those below. But ultimately, the data indicates that your points may not go as far today as they did a few years ago.

We reached out to Marriott for a comment on our analysis, and here’s what a company spokesperson for Marriott International had to say:

With more than 9,000 hotels and demand that fluctuates across the year, dynamic pricing for hotel redemptions at times may result in higher redemption costs for hotels in high demand markets. It also means that there are always great deals available. In 2024, members saw redemption value ranging from 40 bps to 120 bps, with higher value for longer stays which receive the fifth night free. These include some of our most popular destinations such as ski resorts, over water bungalows and locations where we are encouraging members to visit like Maui.

They went on to point out the popularity of various non-hotel redemptions available through the program, including “home rentals, yachts, home retail products, and VIP access to incredible experiences — including Michelin star dining, A-list music performances, and high-profile sporting events.”

Regional trends in Marriott valuations

Some regions and types of hotels were affected more than others, but one thing was constant: All categories we studied saw a significant loss in value, ranging from roughly 10% to nearly 30%.

Here are the trends we’re seeing across the following categories:

Here’s a deeper look at each of these groups.

US mainland hotels and resorts

We assessed 23 Marriott properties across the U.S. mainland. Fourteen of them — over half — saw a decrease in value, ranging from only 3% to an eye-watering 44%.

Across all these properties, we’re now seeing an average value of 0.69 cents per point. That’s 10% lower than the value we saw in 2022 (0.77 cents per point).

That said, there are still some standout award properties on this list. For instance, Gaylord Palms will give you an average of 1.01 cents per point, and JW Marriott Essex House provides an average of 0.88 cents per point.

However, most of the above properties will give you well under our current valuation of 0.85 cents per Marriott point. Many are below the new average of 0.7 cents per point.

Key takeaway: At many U.S. properties, you’re better off paying for your stay with cash and earning Bonvoy points to redeem elsewhere.

Related: The 12 best Marriott beach hotels in the United States

Hawaii hotels and resorts

Our Hawaii sample set saw an even greater drop (18.2%). In fact, the value decreased at all four properties we tested.

On average, you’ll now get a similar value at these properties as you would on the U.S. mainland: 0.68 cents per point.

That said, the Wailea Beach Resort — Marriott remains a great option for redeeming Bonvoy points, with an average value of 1.12 cents per point — well above both 2022 and 2025 values.

Key takeaway: Select Hawaiian hotels still offer value, but crunch the numbers to make sure they’re worth it.

Related: Save money: How you can book flights to Hawaii using points and miles in 2025

High-end international resorts

Luxury international resorts are traditionally great for redeeming points, and thankfully, this one saw the lowest drop in value: a 9.86% decrease.

Despite the drop, the average value across these properties remains a solid 0.92 cents per point — with Al Maha Dubai and The St. Regis Maldives, in particular, still offering excellent value. In fact, The St. Regis Maldives had the highest average redemption rate across all properties.

Key takeaway: Booking international resorts remains one of the best ways to redeem Marriott Bonvoy points, though you’ll want to double-check the numbers to ensure it’s a good option.

Related: From an overwater villa in the Maldives to a private island: 7 luxury hotels you can book with points

European hotels

Marriott’s recent pricing changes hit our selection of European hotels the hardest. This category saw the largest drop, a disheartening 28.4% decrease.

Only three properties did not see a significant devaluation: The AC Hotel Krakow stayed roughly the same, and the Moxy Paris Bastille increased by about 16%.

The other seven properties in our sample pool saw their average redemption values decrease compared to 2022. A couple of these, the Moxy Vienna Airport and The St. Regis Rome, remain a good value for your points, while the rest are now sitting well below our current valuation of 0.85 cents per point and the new average of 0.7 cents per point.

Key takeaway: European hotels may be one of the least valuable ways to redeem your Marriott points — but there are still some gems.

Related: Marriott plans major expansion in France

Asian hotels

Asian hotels fared almost as badly, with an average decrease of 21.6% across eight properties.

Half of these saw only slight devaluations or even an increase in value. The Westin Tokyo saw significant improvement, though the value you’ll get there is relatively low for Marriott points.

The four hotels that lost value lost a lot, between roughly 27% and 49%. This gives our Asian hotel pool an average value of 0.63 cents per point.

Key takeaway: It’s possible to find solid value at Marriott properties in Asia, but it’s not common.

Related: Marriott is bringing its new affordable brand to Japan

What does this mean for you?

This study indicates that Marriott Bonvoy points are now worth only 0.7 cents each — 17.6% lower than our February 2025 valuation of 0.85 cents.

However, as you can see from the data above, there is a wide range of values across the properties we analyzed. We found average values as low as 0.45 cents per point, but they also reached as high as 1.56 cents per point.

Additionally, we saw notable variation at the individual property level as well. For example, the Gaylord Opryland in Nashville came in with an average redemption value of 0.88 cents per point. However, some dates over the holidays climbed above 1.2 cents.

This means there are still sweet spots to be found — it’s just more important than ever to crunch the numbers and ensure you’re making the most of your Marriott Bonvoy points.

Read more: How (and why) to calculate award redemption values

Bottom line

Last month, Marriott increased redemption rates across a large part of its portfolio, and, unfortunately, the data shows a notable drop in value — 0.7 cents per point, down from our current valuation of 0.85 cents.

That said, there are still some gems in the program. You can maximize your redemptions by getting a free night when you use points for five nights (or longer). You can also use Marriott’s calendar search tool to find the lowest award rates each month to maximize your points, and during popular travel periods or special events, you may be able to snag above-average redemption value. Finally, you always have the option to convert your Marriott points to airline miles with more than 40 different carriers.

Just be sure to carefully consider which redemption option makes the most sense for your specific stay — now more than ever.