Marriott, Hilton, IHG Points Devalue as Dynamic Pricing Reshapes Loyalty Programs

International hotel groups including Marriott, Hilton, and IHG are facing member backlash this summer as loyalty points lose value amid a shift to dynamic pricing, according to Jiemian News. Marriott points have fallen from an average of 400 yuan per 10,000 points to around 300 yuan, a decline of 25%-30%, with some members reporting a 15%-20% average increase in points required for redemptions. In Chengdu, Hilton Honors points are now worth about 200 yuan per 10,000 points for August stays, while IHG's local hotels still offer over 400 yuan per 10,000 points. Marriott told Jiemian on July 14 that its flexible redemption policy adjusts based on market demand, occupancy, and operational factors. All three groups confirmed to Jiemian that points needed vary by property and season. The devaluation stems from a broader move to market-based pricing, adopted after 2019, replacing fixed redemption tables. The shift is also driven by the groups' asset-light models: as of end-2025, Marriott, IHG, and Hilton had 99.5%, 99.5%, and 100% asset-light ratios respectively, according to annual reports. Hilton noted the model boosts profit growth. Under franchise or management agreements, owners bear redemption costs but receive compensation below online travel agency rates, creating tension. Xia Zifan, chief consultant for Asia-Pacific at Lausanne Hospitality Consulting, told Jiemian that groups profit from loyalty programs without sharing revenue with owners, leaving higher redemption thresholds as the main lever. Membership has surged: Marriott Bonvoy had over 271 million members, Hilton Honors over 251 million, and IHG One Rewards over 160 million as of Q1 2026. A Jiemian survey of 86 consumers found 57% would consider switching brands if points continue to devalue, while 43% would stay due to service quality.