Hilton has been offering Premium Room Rewards and Points + Cash option since the second half of this year. These are not available at all the properties but are slowly being introduced.
When I was looking at the Hilton Abu Dhabi back in October, I came to conclusion that the premium room awards at the property in question were valuing Hilton HHonors point at around $0.004. Another value that I have come across is $0.007 per HHonors point.
Whenever I have seen these premium room rewards at a reasonable level, the normal rates have been so low that it wouldn’t have made any sense to use points for the stay in the first place. There have been, however, few glitches here and there.