IHG Rewards Club has launched 15% off Merchandise Sale (at least for their Spire Elite members not sure if applies for others) through December 7, 2017.
Members can use their points towards select merchandise items from gift cards to Apple products at a discount. The selection varies based on delivery country.
You can access IHG’s web page for product sale here.
Here are some discounted merchandise from the US catalog:
It is rather easy to derive the value of a point from the Amazon gift card (like cash for me) or from the Apple merchandise when you use Amazon purchase price as a guideline.
The value assigned to a point is bit higher than a quarter of a cent if you decide to use them towards merchandise. I would use this redemption option if you have absolutely no other use for your IHG Rewards Club points.