IHG Rewards Club has been offering discounted hotel night redemptions for just 5000 points per night for more than a decade.
At the beginning there were some high value hotels included in the discount properties list. Over time there have been fewer and fewer premium hotels. The ‘good ones’ are almost always swept up and disappear from the list within a couple of days. These deals have been so good that in China people were automating PointBreaks bookings and reselling them.