Loyalty Traveler outlines the new Starwood “Rewarding Returns” bonus offer running through the end of the year.

Members select from their choice of award after a predetermined number of stays between now and the end of the year. It appears that most people are being offered 4000 bonus points, a $50 Starwood gift certificate for use on a future stay, or a 25% discount on an award redemption (up to category 5 hotel) valid through the middle of 2011.

Some people get 5000 bonus points, a $50 certificate, or a 25% discount on redemptions after just a single stay as their choice.

So it’s targeted to Starwood’s beliefs about how engaged you’ve been in their program, and how much activity they might be able to generate from you with the promotion.

Lucky thinks it’s “pretty lame” but I disagree — this isn’t their only promo, and over at Flyertalk Starwood’s reps have confirmed that this will not take the place of a new third quarter promotion. Instead, this bonus is stackable on top of everything else Starwood is offering (like their free weekend nights after 3 stays currently running through the end of the month).

If you think you’ll redeem points within a year, the 25% discount on redemptions is probably the most lucrative — take a 5-night category 5 stay, normally 48,000 points, you’d save 12,000 points. Even a two-night category 4 stay would normally run 20,000 points so the discount would save you 5000 points.

But still, it’s always nice to have a choice!