IHG One Rewards is pricing many hotels at about half their usual award rate. This isn’t true everywhere or for all dates, but does appear to be worldwide.
You’ll find some Kimptons at 45,000 points; Intercontinentals between 35,000 and 45,000 points; Crowne Plazas from 25,000 points and Holiday Inns from 20,000 points. Again, not everywhere, but there are reports of Maldives and Bora Bora properties showing up at just 35,000 points.
Since IHG One Rewards no longer has an award chart of published prices, it’s not fair to say that something is mispriced. Reward pricing is lower than usual, but we have to assume this is just a nice sale – since the way that the program works is ‘the price is the price.’
If Hyatt were to price redemptions lower than usual, and there is no sale, it would be a clear mistake. They publish their redemption prices. Marriott, Hilton, and IHG can vary their pricing at will.
It looks like right now IHG is varying their redemption prices downward – by a lot – but since they haven’t marketed this as out of the ordinary I’ll assume it’s a flash sale. Get your reservations in. And consider repricing any existing reservations. But don’t be surprised if they have ‘seller’s remorse’ and try to renege later, so don’t make non-refundable plans around these bookings for a bit. I don’t expect this to last.