One of the best hotel loyalty-program deals , the IHG’s quarterly PointBreaks awards, is back!

IHG Rewards Club, the loyalty program of the InterContinental Hotels Group, today released its latest list of PointBreaks hotels that will be available for booking for just 5,000 IHG Rewards points per night.

Offer Details

Beginning on July 28, IHG Rewards members can book award nights for 5,000 points at 106 participating hotels, for stays between July 31 and October 31.

The new list includes 74 hotels in the U.S., 16 in the rest of the Americas, 11 in Europe, four in Asia, and one in Africa. There is a single InterContinental on the list, the InterContinental Bandung Dago Pakar in Indonesia.

IHG Rewards members may book a maximum of two PointBreaks stays at any one hotel.

Deal or No Deal

With normal IHG Rewards award prices ranging between 10,000 and 60,000 points per night, the PointBreaks rates represent a discount of at least 50 percent. The value proposition is unarguably a compelling one.

As far as sheer numbers go, the current list of just 106 participating properties is among the shortest ever. Two quarters ago, there were 131 PointBreaks hotels, and the quarter before that featured 127. Both, however, were a significant downgrade from the PointBreaks roster of several quarters ago, which included 210 hotels, including 142 in the U.S. alone. That, sadly, is the long-term trend.

Related: Should You Book Direct with the Hotel? It’s Complicated

Numbers aside, the question with PointBreaks, always, is whether any of the discounted hotels work for you.

Bottom line: Whether it’s long or short, the PointBreaks list is always worth perusing. There just might be a hotel that fits into your existing travel plans, or that could be the centerpiece of an opportunistic trip.

As always, room nights available at the PointBreaks rate are limited, so act quickly to lock in a deal that works for you.

Reader Reality Check

Have you ever booked a PointBreaks stay?

After 20 years working in the travel industry, and almost that long writing about it, Tim Winship knows a thing or two about travel. Follow him on Twitter @twinship.

This article first appeared on SmarterTravel.com, where Tim is Editor-at-Large.