American Airlines AAdvantage Car and Hotel Awards offer some very high redemption values for hotels. Many hotels give more than 2 cents per mile in redemption value with $300 per night hotels costing fewer than 15,000 miles. Perhaps even a better deal is the option for Cash & Miles. Many of these options reduce the hotel rate by over $100 per night for just 1,000 miles. That is 10 cents per mile redemption value. There is even a special limited time offer discount miles rate for AAdvantage elites. Here is a sample award value: Park Hyatt Washington, D.C. - Wed, Feb 16, 2011 Published rate = $549; Total rate after tax = $628.61 AAdvantage Hotel Award = 24,100 miles (2.6 cents/mile) AAdvantage Cash & Miles Hotel Award = 4,000 miles + $245.12 (9.6 cents/mile) AAdvantage Cash & Miles Hotel Award = 1,000 miles + $281.71 (34.7 cents/mile) I found similar values for high-end hotels in San Francisco.