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What are IHG One Rewards hotel points worth?

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This article is our attempt to decide what IHG One Rewards points are worth.

Valuing miles and points is a thankless job. We have always published articles on what Avios points are worth, but that Avios article is so complex that it simply proves my point.

In the face of constant reader requests, however, I wrote this series of articles on how we value each of the major hotel points currencies.

What are IHG One Rewards points worth?

Our other articles in this series are here:

The reason I have changed my mind after all these years is that I have found a methodology that works for me. It takes a subjective valuation and then explains the boundaries around it. Or, in plain English:

  • I will tell you (without justifying it) what I think an IHG One Rewards point is worth
  • I will tell you, on the upside, how far wrong I can be (which is good news)
  • I will tell you, on the downside, how far wrong I can be (which is bad news)
  • I will tell you what IHG One Rewards points are worth if you turn them into something else – usually airline miles – which effectively locks in a floor value

Why I think ‘range’ is important when valuing hotel points

When we look at using Avios for business or First Class flights, the ‘cash alternative’ is often a poor comparison. Most HfP readers don’t want to, or simply can’t afford to, pay cash for business or First Class flights. Their choice is Avios or nothing. Even if you can afford to pay, what are you comparing with? A cheap non-refundable sale flight? A pricier flexible ticket? The cost of an indirect flight, not on BA?

Hotels redemptions are different:

  • you stay in far more hotels each year compared to the number of premium cabin flights you take, so you can be selective about when you use points
  • you can usually afford to pay for a hotel if you choose not to use points
  • there are far more options in the hotel market than in the flight market – most people only have a lot of miles in one airline programme, whereas you are likely to hold hotel points in multiple schemes
What are IHG Rewards points worth?

It is easy to sit on hotel points until you get a good deal

The net result of the three facts above is that it is easy to turn down a hotel redemption when it doesn’t seem like good value. You can pay cash or redeem via another hotel scheme instead.

Here is the crux of what I am trying to say. If you compare two hotel schemes:

  • scheme A usually gets you 0.3p per point but if you are lucky you can get 1p
  • scheme B usually gets you 0.4p per point but if you are lucky you can get 0.6p

…. scheme A may actually be the best.

Most people who try to ‘value’ hotel points don’t take this into account.

If you redeemed points for every stay you did, regardless of the cash price, scheme B would be the best. No-one does this though. In reality you can pay cash for your stays in scheme A until the day when a bumper redemption arrives and you can get 1p.

Here’s a real example. I value Marriott Bonvoy points at 0.5p as this article explains. If you do 20 Marriott hotel stays and use Bonvoy points for all of them, I think you will average 0.5p, give or take.

However, in December 2020, I redeemed 400,000 points for two villas at The Ritz Carlton Al Wadi Desert in Ras Al-Khaimah. This would have cost £4,800 for cash, which I would have paid if necessary. I got 1.2p per point. It justified all of the Marriott stays where I paid cash rather than redeem for 0.5p per point.

What are IHG Rewards points worth?

What are IHG One Rewards points worth?

With our methodology out of the way, let’s take a look at what IHG One Rewards points are worth.

To keep things simple, we do not adjust for the fact that you would earn points back if you paid cash instead. This can have a noticeable impact when generous bonuses are running.

IHG One Rewards has historically run more generous promotions than the other major chains, but this has not been true for the past 18 months.

The HfP average valuation of an IHG One Rewards point:


We are not justifying this valuation, except to say that I have looked at enough IHG One Rewards redemptions over the years to be happy with it.

It is worth noting that – if you redeem for their Mr & Mrs Smith partner hotels – you will get exactly 0.4p per point. Ignore the examples in the linked article because there seems to have been a slight devaluation. Points rates at these properties are directly linked to cash rates.

How high can value go on the upside?

Not very high, which is not good.

If you can get 0.6p per point then take it.

Over the last year, IHG One Rewards has been bringing in ‘revenue based redemptions’. In plain English, this means that the points required are linked to the cash price. It doesn’t seem to be ‘live’ in all cities yet, but it is getting there.

Hilton has a similar system, but Hilton was smarter. Hilton still has a ‘points price cap’ for each hotel, so you know that you will never pay more than 95,000 points per night at its top hotels, and proportionately less at mid-market ones.

IHG One Rewards has no cap. This means that you are now seeing some stupid redemption rates, eg 65,000 points for a Holiday Inn Express in Canning Town, not exactly the smartest part of London:

IHG Rewards pricing

When I started collecting IHG points, you could book ANY InterContinental hotel globally for a fixed 30,000 points per night. Other brands cost even less. Things have changed ….

You need to be clear that this is not premium ‘last room availability’ pricing. Hotels are still only obliged to make 5% of their rooms available for redemption. IHG is also still only paying hotels the usual peanuts figure for redemptions. On a recent stay at the Hotel Indigo Bath (reviewed here) I was given IHG’s receipt by mistake which showed they paid £32 for my room.

IHG is still finessing its revenue-based pricing. In these two articles, we show how pricing in London was very variable one day and then settled down a few days later.

Even at resorts where redemption based pricing is not yet in place, high flat pricing means that redemptions are not hugely generous. For the new InterContinental Maldives, for example, redemption nights next May (the first date with availability) are a fixed 120,000 points or $800. This is only 0.5p per point.

Realistically, the best value you can expect from IHG One Rewards is now 0.6p per point. If you are booking a hotel where your points are worth 0.6p, take it and pocket the cash saving.

What is an IHG Rewards point worth?

How low can value go on the downside?

Not very low, which is good.

One upside of the move to revenue-based redemption pricing is that you will rarely get a truly terrible deal.

My recent London analysis showed that 0.25p per IHG One Rewards point is about as bad as it gets.

That said, 0.25p is still 35% worse than our benchmark of 0.4p per point, so you should absolutely avoid redeeming at this level if at all possible.

If IHG One Rewards devalues hugely tomorrow, what is my escape route?

This is our floor price. What can you do with your points if IHG One Rewards devalues massively overnight?

With IHG One Rewards, the best value is to convert your points to airline miles or to gift cards. It doesn’t end well either way.

The conversion rate to Avios and other major airline currencies is 5:1.

If we assume an airline mile is worth 1p, then you are getting 0.2p per IHG One Rewards point in the worse case scenario.

If you redeem IHG One Rewards points for a UK High Street gift card it is even worse. The catalogue is here.

At the top end – it is worse for smaller balances – 15,500 points gets you a £25 voucher for a UK High Street store or restaurant chain. This is a shockingly poor 0.16p per IHG One Rewards point.

By redeeming for gift cards, you are losing at least 50% of the value compared to an average hotel redemption, and well over 70% of the value compared to a ‘good’ hotel redemption.

In summary …. what do we think IHG One Rewards points are worth?

  • on average: 0.4p per point
  • on a very good day: 0.6p per point with little ability to go beyond this
  • on a bad day: 0.25p per point
  • if you transfer out in a worse case scenario: 0.2p per point for airline miles or 0.16p per point for UK retailer gift cards

The lack of an upper pricing cap makes IHG One Rewards less attractive than Hilton Honors, Marriott Bonvoy, World of Hyatt or Radisson Rewards. This is because it sharply reduces your ability to get outsize value. It is also hugely impacts your ability to redeem at uber-premium properties.

The bottom line is that there is no point saving up for a bumper redemption at a luxury resort, because revenue-based pricing makes those rewards no better value than your local Holiday Inn Express.

If you find that a certain hotel can get you 0.6p per point then you should pull the trigger, because you will struggle to do better. Any redemptions which gets you 0.4p to 0.5p should be seen as acceptable.

IHG One Rewards update – June 2022:

Get bonus points: IHG One Rewards is offering bonus base points on all cash stays between 18th May and 31st August.  You earn double points on your 2nd to 5th nights, triple points on your 6th to 14th nights and quadruple base points from your 15th night. Our full article is here. Click here to register.

New to IHG One Rewards?  Read our overview of IHG One Rewards here and our article on points expiry rules here. Our article on ‘What are IHG One Rewards points worth?’ is here.

Buy points: If you need additional IHG One Rewards points, you can buy them here.

Want to earn more hotel points?  Click here to see our complete list of promotions from IHG and the other major hotel chains or use the ‘Hotel Offers’ link in the menu bar at the top of the page.

Comments (53)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Duncan says:

    I’m planning a 6/7 night stay at an InterContinental next year. Sounds like Ambassador might be worth having for this stay? Thoughts on this?
    The free night… comment seems to say it can be redeemed at a Kimpton, is that correct? The website suggests it’s only usable at InterContinental properties.

    • Anna says:

      Kimpton up to the end of this year.
      It can work well at IC if your Ambassador nights are the first and second as you can book a better room (or get upgraded) and usually if you book a lower rate room or an award room they will let you stay in the better room for the rest of the stay.

    • Anna says:

      Also if you’ve got the flexibility check which night it cheapest and pay for that one, so if Saturday night is more than Friday, as is often the case, stay Friday & Saturday with your Ambassador cert as you’ll then pay the Friday night rate.

      • Duncan says:

        Thanks Anna! So with the Ambassador free night does your stay HAVE to start on a Friday/Saturday, or can you redeem the free night on a Wed-Tue stay (for example)?

        If we subscribe we may end up redeeming for a weekend break at the Kimpton in Glasgow in December this year, as we often like to do something like that and I’ve fancied trying their spa…

    • Sandra says:

      I would definitely join for a stay that long because firstly you should get the upgrade to a room in the next category up from the one you’ve booked which, depending on the price of the hotel & the level of room you are intending to book, should immediately recoup the cost of joining. We usually have a plethora of points so sometimes renew Ambassador with points rather than cash, which may or may not be good value depending on your valuation, but it suits us on occasion.

      • Duncan says:

        Thanks Sandra, that’s useful! We’re looking at the InterContinental in Toronto. There are so many different categories it’s hard to know which to book to get the category you WANT with the upgrade… It doesn’t really seem that there’s straightforward order of categories, with many overlap between (e.g.) a standard room at Club level or a junior suite outside of cub… I haven’t researched this yet though, so hopefully I can find some definitive ordered list of categories.

        • Sandra says:

          Not stayed there, it is a good location but surrounded by buildings so views won’t be great. A couple of years ago we stayed at the Westin Harbour Castle which fronts the lake and has superb views if you book a lake room and we also got upgraded although the teenagers having a 2 bedded room got the best upgrade on the highest floor front on to the lake (we were side on but still good)! It is a huge hotel though, I think classified 4* but for the amount of time spent in it was comfortable and service was great.

          • Duncan says:

            I think this is why the room choice is important. I’ve been looking at corner rooms on a higher floor with a lake view (photos of which looks lovely) and I’d hate to be ‘upgraded’ to a higher category that didn’t have the view (e.g. a club room on a lower floor or something).

            Will need to do some more research, clearly!

      • Lady London says:

        Note also if you join IC Amb by end July and stay at least 1 night by end August there is an extra free night in any hotel worth up to 40k free night cost as well

        • Duncan Stevenson-Price says:

          Interesting… it’s unlikely I’ll be staying at an IHR property before end August. Are other IHG properties included? I have a Holiday Inn and Indigo stay booked already before end of August already…

          • ChrisC says:

            No just IC, Kimpton and Regent

            See Robs article over the weekend on expiring hotel offers as there is more info there in the IHG part of the article,

      • Lyn says:

        I agree that it should be worth joining for that long a stay.

        Remember also to check with Emyr to see if he can offer additional benefits if you are paying flexible rates. Not for Ambasador free night bookings of course.

        • Lyn says:

          Booking via Emyr should provide a double upgrade – an extra upgrade in addition to the Ambassador upgrade.

          • Duncan says:

            Oh, I hadn’t considered that. Good shout! I’ll give that a shot. Hopefully he can help me understand _what_ rate to book to get the room I want, factoring in free upgrades etc.

          • ChrisC says:

            Emyr deal costs are the same as the non member Best Flexible Rate so you can price what his bookings will beup yourself before you even contact him

            These are more expensive than advance or discount rates so also price those up as sometimes the additional rate does not always generate the best value over longer trips – the $100 (£72 approx) rapidly loses daily equivalent value the longer the stay for example.

            Here is the page with what Emyr can get if you book via him. Remember like AMB upgrades his are also space available.


  • Chas says:

    This makes me even more happy about the 2p+ per point I got earlier in the year when booking the HI Brighton for Sept. It’s marathon weekend, so the cash rates were crazy, but they had 2 rooms available on points which I needed and quickly snapped up. I knew I’d got a bargain, but hadn’t realised quite how difficult it was to get such an outsize reward with IHG until I read this article.

  • Adrian says:

    Since IHG attempted dynamic pricing it’s been all over the place. We are driving to Scotland next week for a staycation, stopping off at HI Dumfries on the way to Inverness, 12k or £74, 7 days later on the return they wanted 30k or £64, for me there isn’t a link between pricing and points and therefore value. I’m struggling to spend my IHG points as I always seem to end up at a Marriott or Hilton as I have a status with them that is worth something (breakfast and lounge access). Spire or indeed Ambassador gets you very little. I have had lounge access at a couple of CP’s but a lot of the hotels are tired, someone on here the other day said newer is almost always better, I agree.

  • Raveon says:

    Re: IHG Spire / Platinum Elite, “$30 In-Room Spa Credit” benefit, is there a way of finding out which hotels are “participating” or not? Thanks

  • Aston100 says:

    It’s the lack of breakfast that annoys me most about IHG reward nights.
    I would like it if they added a few thousand points for a b&b rate.

  • Secret Squirrel says:

    Booked our first IHG stay today, as a Spire Elite do you receive a notification of upgrade in the app soon after booking or nearer to the time of stay, if at all?

    • Aston100 says:

      I’ve never been notified. Manually checked bookings and sometimes found my room has changed (upgraded). Otherwise it’s been at check in.

      • Secret Squirrel says:

        Does enrolling in Ambassador guarantee a room upgrade?

        • Rob says:

          It is guaranteed or you get 10,000 points compensation. Applies to IC, get a feeling the guarantee doesn’t apply to Regent or Six Senses despite giving Ambassador benefits.

          The snag is that, since they changed the rules from ‘guaranteed’ to ‘guaranteed or 10k compensation’, I have twice had hotels decide that it was cheaper to give me the 10k and then sell the upgraded room I should have had to someone else.

    • Anna says:

      They often won’t commit to anything until check in, there doesn’t seem to be much consistency.

    • Simonbr says:

      In my experience you see it on the booking one or two days before checking in, unless you have corresponded with the reservation manager in advance for some reason.

  • Matarredonda says:

    Anna correct. Am off in the morning (I live in Spain) for my third stay in last six weeks at the HI in Permaco De Pera and the last two have been upgraded with sea views and extra points given as well on checkout
    Cost me 13000 per night and cash price £96 so good deal I feel

  • Simonbr says:

    If you pay to upgrade an IC Points redemption room, should some points be awarded into your account?

    • Rob says:

      I had this issue once (can’t remember what brand) and they wouldn’t give me the points. Rarely clear from the scheme rules.

This article is closed to new comments. Feel free to ask your question in the HfP forums.

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