Where You Can Still Find Value in the Hilton Honors Program

Hilton has spent the past year quietly gutting the value of its Honors points – not once, not twice, but three separate times.

It started in December 2024, when Hilton first raised award rates at dozens of top properties without warning, effectively ending many long-time sweet spots. Then came May 2025, when a second wave of increases hit even more luxury hotels, primarily across the Waldorf Astoria and Conrad brands. And just last month, Hilton did it again, hiking rates at another batch of high-end resorts and pushing the most expensive standard rooms to a staggering 250,000 points per night.

For travelers who earn and redeem Hilton points – or hold one of Hilton’s co-branded American Express cards – it’s been a painful stretch. Some of the chain’s best properties now cost nearly twice as many points as they did just a year ago, leaving die-hard Hilton loyalists and those with a big stash of Hilton Honors points wondering: Is there any value left?

But it’s not all bad news. While Hilton points don’t go as far as they used to, the program’s Free Night Certificates have never been more valuable, and a few smart redemption strategies can still help you stretch your stash of points, too.

How Bad the Hilton Devaluations Have Gotten

After three separate rounds of Hilton devaluations since late 2024, the ceiling for award nights has officially hit new heights. Top-tier properties that once topped out around 120,000 to 150,000 points per night now cost as much as 250,000 Hilton Honors points – a staggering increase of more than 60% in less than a year.

Just look at how far some of Hilton’s most popular resorts have climbed:

• Waldorf Astoria Los Cabos Pedregal: from 120,000 points per night up to 250,000 points after the latest round of devaluations.
• Canaves Oia Suites (Santorini, Greece): from 140,000 points per night in 2024 up to 240,000 points per night today.
• Hermitage Bay (Antigua): from 130,000 points per night last year up to 250,000 points per night today.
• Conrad Bora Bora Nui (French Polynesia): from 120,000 points per night last fall up to 200,000 points per night today.
• RiverView Ranch Retreat (Montana): from 130,000 points per night earlier this year up to 220,000 points per night today. 

Even historically stable high-end hotels like the Waldorf Astoria Amsterdam and Conrad Hong Kong have climbed 20% or more. Across the board, Hilton’s top-end standard awards now max out at 250,000 points per night, up from 150,000 just a year ago.

Still, not every hotel has climbed higher. A handful of properties – and a few key redemption strategies – have somehow dodged Hilton’s latest price creep.

Free Night Certificates: Hilton’s Last True Sweet Spot

As Hilton points lose value, the chain's free night certificates have become even more powerful. These certificates, available through Hilton’s lineup of co-branded American Express cards, can be used for almost any property across the Hilton portfolio – as long as there is standard room award availability – including resorts that now cost as much as 250,000 points per night.

That makes them one of the last fixed-value awards left in Hilton Honors. A single certificate can unlock $1,000-plus stays at top-tier Hilton properties like the Waldorf Astoria New York and more. 

But with the steady march of devaluations, it’s fair to wonder whether these certificates are next in line for changes. 

Related Reading: Hilton Free Night Certificates Are the Best By Far: Where to Redeem Them

Where Hilton Still Wins: Big Events & High-Demand Dates

You don’t have to book a five-star resort in paradise to get great value from Hilton points. Sometimes, the smartest redemptions are during big events when cash rates skyrocket, but points prices don’t always keep up.

Because Hilton’s dynamic pricing system isn’t perfectly tied to cash rates, you can often find incredible value during major sporting events, concerts, conventions, and festivals. These are the moments when Hilton’s program quietly shines.

I saw that firsthand back in 2019, when I booked a Hilton property in Augusta, Georgia, during the Masters Golf Tournament. Hotels across the city were charging more than $800 a night for even the most basic rooms that week. But with Hilton Honors, I was able to snag a stay for 50,000 points per night – getting roughly 1.3 cents per point in value and saving hundreds of dollars per night in the process. It wasn't the nicest hotel I've ever stayed at – far from it, in fact. But compared to the cash rates, it was a great way to use Hilton points. 

And it’s not just golf. Our Executive Editor, Kyle, used points to book his wife a Hilton hotel during a Taylor Swift Eras Tour stop in Indianapolis late last year, when cash prices for hotels near the venue had jumped to nearly $1,000 per night. Instead, he used around 70,000 points for the same room – again getting well over 1 cent per point in value and saving hundreds of dollars in the process.

The same logic applies to other high-demand events:

• The Super Bowl or Final Four weekends in host cities
• College football Saturdays in small college towns
• Major concerts and festivals
• Holiday weekends in beach destinations or national parks

If you see cash rates spike but points rates lag behind, book fast. Hilton often adjusts award prices later as demand catches up. But if you lock in early, your points price is protected even if cash rates double.

It won't always work in your favor … but when it does, it's a fantastic way to use Hilton points. 

The Best Properties for Outsized Hilton Value

After years of creeping award costs, these hotels still stand out as genuine sweet spots – offering redemptions that can easily clear 1 cent per point in value or more.

This list is by no means exhaustive. There are still plenty of hidden gems across Hilton’s massive global portfolio – especially among the new Small Luxury Hotels of the World (SLH) properties – where you can stretch your Hilton points much further than you might expect. These are just a few of the best examples where the value remains strong even after Hilton’s recent devaluations.
 

Grand Hotel du Palais Royal (Paris, France – SLH)

Hilton’s partnership with Small Luxury Hotels of the World (SLH) has opened the door to incredible new redemption opportunities – and this elegant Parisian property is one of the first and most exciting additions.

Located just steps from the Louvre Museum and Palais Royal gardens, the Grand Hôtel du Palais Royal brings five-star boutique luxury to the heart of Paris. It’s a 68-room property that blends classic French design with modern touches — think marble bathrooms, and views of the city’s rooftops or the Palais Royal courtyard.

Standard rooms here price out at 120,00 Hilton points per night, while cash rates often range from $700 to $2,000 each night. To date, the property has escaped all three of Hilton's devaluations which makes it one of the best-value SLH redemptions currently available through Hilton Honors, and a rare chance to use Hilton points (or a Free Night Certificate) for a truly high-end Paris stay.

Waldorf Astoria New York (United States)

After nearly eight years – and a $2 billion renovation – the legendary Waldorf Astoria New York has finally reopened its doors, reclaiming its place as one of the most iconic hotels in the world.

Originally opened in 1931, the Waldorf has hosted presidents, royals, and Hollywood legends. Its massive overhaul preserved much of that Art Deco grandeur – like the restored Spirit of Achievement statue and the original Waldorf Clock in the lobby – while transforming the rest of the property into a state-of-the-art luxury hotel.

Standard room award nights are priced at 150,000 Hilton points per night, the same rate Hilton set when it first became bookable earlier this year. With cash rates often exceeding $1,500 per night, that redemption still provides great value, and, perhaps more importantly, access to one of the most famous hotels on the planet.

For now, its award rates haven’t budged, but if you want to experience the glamour of this New York landmark, book soon – it may not stay that way for long.

Related Reading: The New Hotels We're Most Excited for in 2025

Waldorf Astoria Costa Rica Punta Cacique

Hilton’s new flagship in Central America is already making waves. The Waldorf Astoria Costa Rica Punta Cacique opened its doors earlier this year as one of Hilton’s most luxurious beach resorts ever – and one of the most exciting new properties in the company’s entire portfolio.

Perched on a dramatic bluff along Costa Rica’s Pacific coast, the resort features a private beach, infinity pools, and 190 suites and villas, each with an ocean view and a private plunge pool. Guests can also access a world-class spa, multiple fine-dining restaurants, and guided excursions through the region’s national parks and coastline.

When it first became bookable in early 2025, standard awards started at 120,000 points per night. Today, they’re up to 140,000, but with cash rates often ranging from $1,500 to $2,000 per night, you’re still comfortably getting 1 cent to 1.4 cents per point in value – making it one of the best redemptions in Hilton’s portfolio today.

Hilton Moorea Lagoon Resort (French Polynesia)

The Hilton Moorea Lagoon Resort & Spa has long been one of Hilton’s most popular redemptions – and for good reason. Nestled between Tahiti and Bora Bora, the resort sits on a turquoise lagoon ringed by coral reefs and lush mountain peaks. It’s home to both beachfront and overwater bungalows, each with direct access to the lagoon and some of the best snorkeling in French Polynesia right off your deck.

Standard nights here price at 95,000 Hilton points per night, while cash rates hover between $800 and $1,000 per night – easily clearing the 1 cent per point mark. That makes it one of the few remaining Hilton properties in the region that still offers substantial redemption value after recent devaluations.

That said, the Hilton Moorea is showing its age. The property hasn’t had a significant renovation in years, and it’s starting to look a bit dated compared to newer, flashier resorts like the Conrad Bora Bora Nui, where award rates have already jumped to 200,000 points per night. That likely explains why Hilton hasn’t yet raised rates here, but until it does, this remains one of the best bang-for-your-buck Hilton redemptions in the world.

Bottom Line

Hilton’s repeated devaluations have made Honors points harder to stretch than ever. But despite the pain, there are still bright spots left – especially for travelers who know where to look.

Between Hilton’s expanding partnership with Small Luxury Hotels of the World (SLH), new high-end openings like the Waldorf Astoria Costa Rica, and smart redemptions during big events, it’s still possible to find real value from your Hilton points. And with Free Night Certificates holding their full strength (for now), they’ve never been more valuable for unlocking aspirational stays that might otherwise be out of reach.

Hilton may have moved the goalposts, but the game isn’t over yet. With a little strategy – and some luck finding award availability – there’s still room to win big with Hilton Honors points.