Marriott vs. Hyatt vs. Hilton vs. IHG: What Your Hotel Points Are Actually Worth in 2026

Every hotel program tells you their points are worth “1 cent each.” Every hotel program is lying to you. In 2026, the real spread between the best and worst major hotel currency is more than 4x — a Hyatt point buys nearly four times what a Hilton point buys on an average redemption. And after Hyatt’s May 20, 2026 award chart overhaul plus Chase’s October 1 transfer devaluation, the math shifted again. Here’s what your Marriott, Hyatt, Hilton, and IHG points are actually worth right now, and where to send flexible points to squeeze the most out of them.

Below is what I actually use to decide where to send Ultimate Rewards, Amex Membership Rewards, or Bilt points on any given redemption. I’ve broken it down by program, walked through the sweet spots and the traps, and modeled how the two big 2026 changes — Hyatt’s five-tier chart and Chase’s tiered Hyatt transfer ratio — reshape the value hierarchy.

The 2026 Bottom-Line Values

Every reputable third-party valuation lands in the same range, and the gap between programs is wide enough that no seasonal wobble closes it. Here’s what the major data sources agree on for mid-to-late 2026:

• World of Hyatt: ~1.5–1.7¢ per point. TPG values Hyatt points at 1.55 cents each on stays, and independent analysis puts Hyatt at roughly 1.5 to 1.7 cents each — nearly double the Bonvoy average — thanks to the fixed award chart and curated portfolio.
• Marriott Bonvoy: ~0.7–0.8¢ per point. NerdWallet’s May 2026 analysis pegs Marriott Bonvoy at 0.8 cent each, while Gondola’s median observed value across nearly three million redemptions comes in at 0.73 cents per point.
• IHG One Rewards: ~0.5–0.7¢ per point. NerdWallet’s May 2026 analysis puts IHG at 0.6 cent each; Frequent Miler’s latest data lowered the Reasonable Redemption Value from 0.61 to 0.59 cents per point.
• Hilton Honors: ~0.4–0.5¢ per point. NerdWallet’s May 2026 median value came in at 0.4 cent each, and Gondola’s Reasonable Redemption Value declined to 0.35 cents per point — the second consecutive 15% annual drop, driven by the Small Luxury Hotels partnership.

Translated to real money: 100,000 points is worth roughly $1,600 with Hyatt, $800 with Marriott, $600 with IHG, and $400–$500 with Hilton. Same effort earning, dramatically different outcomes.

Why Hyatt Still Wins on Cents Per Point (Even After May 20)

The structural reason Hyatt outperforms is simple: it still publishes a fixed chart while the other three price dynamically. When cash rates spike, Hyatt point prices don’t necessarily move with them. That decoupling is where all the outsized value comes from.

Here’s what changed on May 20, 2026, and why it still matters that Hyatt won this comparison anyway. The award chart expanded to five redemption levels — Lowest, Low, Moderate, Upper, and Top — which lets the program manage peak demand more precisely by reducing the need for broad category shifts. As of that date, 136 hotels changed categories: 112 shifted to a higher category and 24 to a lower one. The top end got dramatically more expensive: Category 8 properties went from 35,000-45,000 points to 35,000-75,000 points — up to a 67% increase — while Category 7 jumped from 25,000-35,000 to 25,000-55,000 points.

That sounds brutal, but the median math didn’t fall off a cliff. Based on Gondola’s data, Hyatt points were worth about 1.4 to 2 cents apiece across all Hyatt categories under the old chart. Under the new award chart, that value drops to roughly 1.1 to 1.7 cents per point at the comparable moderate redemption tier. Still ahead of every competitor by a factor of two or more.

The Hyatt Sweet Spots I’d Still Chase

The most valuable Hyatt redemptions in 2026 sit in Categories 6 and 7 at properties where cash rates run $600+ per night but the “Low” or “Moderate” pricing tier still holds. A Park Hyatt or Andaz in a major city on a shoulder-season weekday can clear 4-6 cents per point on the right date. Even at the new “Moderate” tier of 29,000 points for a Category 6 hotel with a $500 cash rate, you’re at 1.7¢ per point — still class-leading. If you’re planning a stay at a major-city luxury property, rates on comparable properties can swing $80–$150 a night depending on your booking window, which is exactly the volatility that makes points redemptions look so good on peak dates.

Free-night certificates from the World of Hyatt Credit Card (Category 1-4) and the co-branded business card (Category 1-7) also survived the devaluation intact. Free night awards — including Category 1-4 and Category 1-7 certificates — continue to be valid for stays at properties within each tier regardless of the pricing level, as long as a standard room is available. A Category 7 certificate at a Top-tier date now saves you 55,000 points of value where it used to save 35,000.

The Chase Transfer Change You Can’t Ignore

Here’s the bigger 2026 story for anyone who feeds Hyatt from Chase Ultimate Rewards: Chase is changing the transfer ratio to World of Hyatt from 1:1 to 4:3 for Sapphire Preferred cardmembers — 40,000 Chase points will yield just 30,000 Hyatt points instead of 40,000. Current Sapphire Preferred cardholders won’t experience this change until Oct. 1, 2026. New cardholders who apply on or after June 15, 2026 will see the new ratio effective immediately. This also applies to the Ink Business Preferred. The 1:1 transfer ratio isn’t changing for the Chase Sapphire Reserve or the Sapphire Reserve for Business — only premium Chase cardholders will keep the seamless rate past October 1.

The practical math: at 4:3, a Chase point transferred to Hyatt is worth about 1.25¢ instead of 1.7¢. That still beats Marriott, IHG, or Hilton at 1:1 — but the gap narrows meaningfully, and it may finally justify upgrading to the Reserve if you’re a heavy Hyatt redeemer. For a similar comparison on the airline side, my breakdown of transfer bonuses across the major issuers walks through when to time these moves.

Marriott Bonvoy — The Middle Ground with a 5th-Night Kicker

Marriott sits squarely in the middle of the value hierarchy — worse than Hyatt on cents-per-point, better than Hilton and IHG, but with the largest global footprint and a valuable structural perk that the raw CPP number ignores. Marriott Bonvoy pushed award pricing up 5 to 10% on average across the portfolio in 2026, with individual properties climbing 2 to 16%, and dynamic pricing continues to drift the flagships — Ritz-Carlton, St. Regis, JW Marriott, W, Edition — higher.

The 5th-Night-Free Math

The single most reliable Marriott value play in 2026 is the fifth-night-free benefit on award stays. Independent analyses place Marriott Bonvoy points at 0.75–0.82 cents per point on average, and the 5th-night-free benefit routinely pushes effective value to 1.00–1.40¢ per point on longer stays. Data from April 2026 shows a five-night stay at The Ritz-Carlton Maui, where cash rates run around $1,050 per night, can be booked for approximately 420,000 points total when the fifth-night-free benefit applies — roughly 1.25 cents per point, well above the program average.

That’s the Marriott game: aggregate five nights at a Ritz-Carlton or St. Regis with a $700+ cash rate and you’ll consistently clear 1.1-1.4¢ per point. Anything shorter than five nights, at any property below Autograph Collection, and you’re likely under 0.75¢. When I’m not planning a resort week, I’d genuinely rather earn Marriott points on a co-branded card and burn them at Category 3–4 domestic properties than transfer flexible points into the program.

The Airline Transfer Trap

Do not — and I mean this — transfer Marriott points to airline partners unless you’re rescuing an expiring balance. Marriott transfers to over 40 airline partners at a ratio of three Bonvoy points for one airline mile, with a bonus of 5,000 miles for every 60,000 points transferred. Even if you value the resulting airline miles at 1.5 cents each, the effective Bonvoy point value drops to around 0.5 cents. More commonly, the math produces a result closer to 0.4 cents per Bonvoy point. That’s Hilton-tier value out of a Marriott balance. Redeem for hotels or don’t redeem.

IHG One Rewards — Best When You Chase PointBreaks

IHG’s base value is roughly the same as Hilton’s, but it has one legitimately outsized redemption mechanic that Hilton doesn’t: PointBreaks. Points Break is a monthly promotion where IHG dramatically reduces award costs at a rotating list of select properties — typically to 50–70% below standard rates — for stays completed within that calendar month. Inventory is extremely limited and typically sells out within hours of the monthly announcement.

Chase Ultimate Rewards to IHG is also a 1:1 partner, and IHG regularly gets targeted with the highest transfer bonuses of any Chase partner — Chase Ultimate Rewards to IHG One Rewards saw a 70% bonus around year-end, elevating the transfer rate to 1:1.7. Bonus-stacked with a PointBreaks property, that combination is one of the few times moving flexible points into IHG actually clears 1¢ each.

The 4th-Night-Free Angle

IHG’s structural equivalent of Marriott’s 5th-night-free is its 4th-night-free benefit tied to the IHG Premier card. The IHG Premier card carries a 4th-night-free benefit on award stays — book four nights and the fourth is free, worth a 25% bonus on a four-night stay. On a Kimpton or InterContinental where cash rates are elevated, that discount pushes effective CPP from the 0.5¢ baseline up toward 0.7-0.8¢.

Outside of PointBreaks and the 4th-night-free stacked with a transfer bonus, IHG is a “burn for weekend getaways” program — not a currency to build a portfolio around.

Hilton Honors — Volume Play, Not Value Play

Hilton is the honest floor of the four. The saving grace is that Hilton makes it dead easy to earn massive point balances — the Aspire card earns 14x at Hilton properties, and welcome bonuses regularly hit 150,000-175,000 points. But the redemption math is punishing. After years of Hilton points being pegged at right around half a cent each, they’ve dropped by ~27% over the last two years since the Small Luxury Hotels partnership began. This is by far the worst decline in value of any hotel currency tracked.

The value is real at the luxury end of the portfolio. Waldorf Astoria and LXR properties remain notable places for outsized value, along with Small Luxury Hotels — reinforcing that Hilton’s value remains primarily at the high end. Book five nights at a Conrad or Waldorf resort where cash rates run $500+, use the fifth-night-free, and you’ll clear 0.7¢. Book a Hampton Inn on points and you’re throwing money away — member-price cash rates on the same property will often beat the redemption by a meaningful margin.

If you’re earning Hilton points anyway through an Aspire or Surpass card, the strategy is to hoard for a specific luxury resort week. Don’t top up from Amex Membership Rewards at 1:2 — that’s Membership Rewards worth 1¢ instead of the 1.8-2¢ they’d get transferred to Virgin, Aeroplan, or Flying Blue.

Head-to-Head Comparison

Program	2026 Avg CPP	Chart Type	Best Redemption Move	Chase UR Ratio
World of Hyatt	1.5–1.7¢	Fixed (5-tier)	Category 6-7 at Low/Moderate tier	1:1 (Reserve) / 4:3 (Preferred)
Marriott Bonvoy	0.75–0.82¢	Dynamic	5-night stay at Ritz-Carlton/St. Regis	1:1
IHG One Rewards	0.5–0.6¢	Dynamic	PointBreaks + 4th-night-free stack	1:1 (with periodic bonuses)
Hilton Honors	0.4–0.5¢	Dynamic (no chart)	Waldorf/Conrad resort, 5+ nights	Not a Chase partner

Where to Send Your Flexible Points in 2026

The whole point of a valuation exercise is deciding where to move your flexible currency. Here’s how I actually make the call each time:

• Chase Ultimate Rewards — Send to Hyatt if you have a Sapphire Reserve (1:1) or a specific redemption locked in before October 1 on a Preferred. Otherwise, Hyatt at 4:3 still often beats other Chase hotel partners, but airline transfers (Aeroplan, Flying Blue, Virgin) are frequently the better move.
• Amex Membership Rewards — Hilton at 1:2 is only worth it during a 30%+ transfer bonus, and even then only if you have a luxury Hilton stay locked in. Marriott at 1:1 during holiday transfer bonuses is decent for a Ritz/St. Regis resort week. Most of the time, airline transfers win.
• Capital One Miles — Hyatt is not a Capital One partner. Wyndham (1:1) and Choice Privileges are the hotel options; both have niche value but are worse than Hyatt for luxury. Airlines remain the best use.
• Bilt Rewards — This is the sleeper move. Bilt transfers to Hyatt at 1:1 with no card-tier restriction, and it’s still on the 1:1 ratio Chase Preferred cardholders are losing. If you rent and pay through Bilt, this is a legitimate workaround.

For pure cash bookings when points don’t beat the rate, I’ll check whether bundling the flight and hotel together shaves enough off to change the calculus before I commit — sometimes the package price effectively subsidizes a stay that would otherwise be a points redemption.

Frequently Asked Questions

What’s the best hotel loyalty program in 2026?

World of Hyatt still delivers the highest cents-per-point value at roughly 1.5–1.7¢ each, even after the May 20, 2026 five-tier chart devaluation. It’s nearly double Marriott, three times IHG, and four times Hilton on average redemption value. For anyone with flexible Chase or Bilt points and no fixed brand preference, Hyatt is the answer.

Did Hyatt’s May 2026 award chart change kill the program’s value?

No — it hurt at the top end but the median value still beats every competitor. Some Category 8 peak nights jumped from 45,000 to 75,000 points, a 67% increase, but average redemption value only fell from about 1.4–2¢ to 1.1–1.7¢ per point. Categories 1–3 actually got cheaper on some low-demand nights. Sweet spots in Categories 6–7 at Low or Moderate pricing remain the best value plays in hotel loyalty.

Should I transfer all my Chase points to Hyatt before October 1, 2026?

Only if you have a specific redemption in mind. Chase Sapphire Preferred and Ink Business Preferred cardholders will move from a 1:1 to a 4:3 Chase-to-Hyatt transfer ratio on October 1, 2026 — a 25% haircut. But points transferred without a plan can trap you if awards aren’t available. Sapphire Reserve and Reserve for Business cardholders keep the 1:1 ratio, so if you’re a heavy Hyatt user, upgrading may be more valuable than a preemptive transfer.

Are Marriott Bonvoy points really worth less than Hyatt points?

Yes, by roughly half. Average Marriott redemptions clear 0.75–0.82¢ per point in 2026, while Hyatt averages around 1.5–1.7¢. Marriott’s 5th-night-free benefit pushes effective value to 1.0–1.4¢ on qualifying five-night stays at high-cash-rate resorts, which narrows the gap on a specific trip, but Hyatt still wins on the median.

Why are Hilton Honors points worth so little compared to other programs?

Two reasons: Hilton uses fully dynamic pricing with no published chart, and the program has been actively devaluing. Independent analysis shows Hilton point values have dropped about 27% over the last two years, driven in part by the Small Luxury Hotels partnership. Sweet spots exist at Waldorf Astoria and Conrad resorts, but the average redemption sits around 0.4¢ per point — a fraction of Hyatt’s value.

Is transferring hotel points to airlines ever a good idea?

Almost never. Marriott transfers at 3:1 to airline partners with a 5,000-mile bonus per 60,000 points, which drops your effective Bonvoy value to about 0.4¢ per point. Hilton and IHG airline transfers are similarly punitive. The only exception is rescuing an expiring balance with no realistic hotel redemption in sight — otherwise, keep hotel points at hotels.

What’s the fastest way to earn points across all four programs?

Co-branded credit cards give you the biggest lump sums via welcome bonuses, then keep earning at 10-14x at their respective hotels. For flexible transferable points that can feed multiple programs, the Chase Sapphire Reserve gives you 1:1 access to Hyatt, IHG, and Marriott, while Bilt transfers to Hyatt and IHG at 1:1. For strong redemption value, check current Hyatt availability first — cash rates on comparable properties are worth pricing out before you burn a transfer.

Bottom Line

The hierarchy in 2026 is Hyatt, then Marriott, then IHG, then Hilton — with a wider gap between first and second place than between second and fourth combined. Hyatt’s May 20 devaluation trimmed the ceiling but didn’t touch the medal position, and the Chase 4:3 transfer ratio hitting Sapphire Preferred cards on October 1 changes the calculus for casual Hyatt fans but not for premium Chase or Bilt cardholders. If you’re building a hotel points strategy from scratch, earn Chase or Bilt points and default them to Hyatt for high-value stays. Everything else is a specialty tool for a specific job.