Hilton HHonors has had their Point Stretcher rewards since the 1990’s. During the low periods of the year the some of the hotels have discontinued their point award rates by 40%. I have used these discounted awards couple of times. Last time at the end of November when Conrad Koh Samui was on the list for 30K HH per night.
Last year Hilton introduced Premium Room rewards and Points + Money rewards. Premium Room rewards are tied to the going best available rate for the nights in question and values Hilton HHonors points between $0.003 to $0.007 / point. Hilton currently has a promo for getting 30% of the points back when using Premium Room rewards.
The Hilton gave the following reason for discontinuing this reward option:
With the recent launch of Points & Money Rewards the Point Stretcher rewards have been discontinued. Our new Points & Money Rewards option lets you get away faster than ever using fewer HHonors points. While the availability and points required varies by participating hotels and stay dates at time of booking, Points & Money Rewards allow more flexibility throughout the year as opposed to limiting the availability to a list of predetermined dates.
It is sad to see these go because they have provided quite good value at times. Premium Room rewards won’t because the number of points required fluctuates with the room rates.