Priority Club has just increased the cash amount to purchase the 10K points when doing Points + Cash award redemption from $60 to $70. This was just done overnight without any communication from Priority Club.
This has been a great feature of the Priority Club. When you do a Points + Cash redemption they essentially sell you the 10K Priority Club points and then withdraw the full amount required for the award from your account. If you later cancel the award reservation, you will get the full value back also, and the points purchase transaction is not reversed.
I wrote a piece about these awards back in February when I used them to book a night at the InterContinental resort in Fiji.
Personally, I don’t like IHG’s sneaky way of doing devaluations. Earlier in the year, they announced that number of properties would change in award categories, but refused to provide a list of properties moving up/down due to “competitive” reason. Hilton, Hyatt, Starwood, Marriott, and Club Carlson all provided info about their properties changing in categories. I went through all the InterContinental hotels and made an Excel sheet public about the new and old categories of all IC hotels.