IHG Rewards Club has Points + Cash award option where you can substitute 5,000 to 15,000 points per night using cash instead of points.
Unlikely other loyalty programs that require hotels to sign up for Points + Cash, IHG Rewards Club sells you the points and then redeems the award at the full points cost.
You can access IHG Rewards Club Points + Cash page here.
Back in December, IHG Rewards Club introduced an option to essentially purchase 15,000 points per night in addition to the 5,000 and 10,000 options that were available previously (read more here).
Now, IHG Rewards Club seems to be offering 5,000 and 10,000 Points + Cash options at a discount off of their usual price and the 15,000 points option has disappeared (likely to resurrect after the sale is over).
Here are the current discounted Points + Cash options:
5,000 points for $34 instead of $40 = 0.68 cents per purchased point
10,000 points for $59.50 instead of $70 = 0.595 cents per purchased points
You can purchase IHG Rewards Club points during semi frequent points sales at up to 100% bonus that lowers the price to 0.6 cents per point purchased.
Some may use these Points + Cash option to purchase points at .595 cents each and then cancel the award reservation. As IHG Rewards Club is merely selling you the points, they will stay in your account and you will not get refund for the purchase price.
I would not go overboard with this option of doing Points + Cash reservation and then canceling them, however. It may adversely affect the standing of your account.
Interesting that they have removed the option of substituting 15,000 points at least for the duration of this sale. They were selling points at 0.6 cents each under that option. Maybe this really is the floor price for IHG Rewards Club willing to sell their points?