My normal reaction to the category devaluations is - meh - something that is beyond my control and happens across all chains with regularity. I know it's not good to bank points, but I see no reason to use them in absence of a good redemption value, particularly as it takes me some time to accumulate them. And good redemption opportunities are rare, with young children and annual timeshare vacations with the "grandparents." But this time it feels different. The devaluation is massive for the top city properties that I've been looking to visit at some future date. So I've decided to liquidate my current balance of 200k+, the only question is where? Considering ski resorts (Park City, Tahoe) and NYC) but a bit depressed as SPG and Marriott have better properties in all these locations plus Aspen & Vail. Europe is a possibility, but that would require more logistical planning, you generally would not book rooms before the airfare. So where do you plan to burn your HHonors points?