Singapore Airlines airlines has launched VROOMS that allows KrisFlyer members to use their miles for hotel rooms and car rentals.
KrisFlyer members can pay for their stay entirely using miles or mix miles and cash. I would only use KrisFlyer miles this way if they would otherwise expire unused.
You can access VROOMS here.
Here are two examples for this weekend from VROOMS:
And here are the prices from SPG and IHG:
If I divide the SPG property price by the number of KrisFlyer miles required, we get roughly a value of 0.7 US cents per mile. The value for the Crowne Plaza is 0.73 cents.
Remember that you are not eligible for hotel loyalty program points and usually elite benefits for bookings made on third party platforms. VROOMS is powered by POINTS.
It is always good to have more use for KrisFlyer miles because they have hard expiry date and you can only extend them once.
You should, however, try to find a way to use them towards Singapore Airlines or Star Alliance business or first class awards if possible. You get much better “value” than burning them towards these hotel awards.
If there are no other reasonable way and they are about to expire, this could then be a way to extract some value out of them.