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Like airlines and their off peak awards, many hotel points programs offer reduced level awards, even at some of their higher-end properties.
Priority Club just released their latest list of hotels where PointsBreaks are available for bookings now through March 31, 2012. PointsBreaks free nights for just 5,000 Priority Club points, but this promotion isn’t just limited to Holiday Inns and Candlewood Suites. Not that there’s anything wrong with those—but the real value comes when you use just 5,000 Priority Club points to book rooms at properties like the Intercontinental Hamburg, the Intercontinental Phnom Penh, and the Intercontinental The Palace Port Ghalib Resort in Egypt, all of which are normally 30-50,000 points.
Hilton HHonors has Point Stretcher Rewards that can be redeemed for free nights at up to 40% off the normal point redemption rates. Unfortunately a quick check of the Point Stretcher page says there are no current Point Stretcher Rewards hotels (come on, Hilton!), but in the past, some interesting options have included the Hilton Queenstown in New Zealand, the Hilton Moscow Leningradskaya, and the Conrad Koh Samui in Thailand.
Marriott PointSaver Awards are redemptions of up to 33% off regular award rates. The current list includes properties like the St. Kitts Marriott Resort & The Royal Beach Casino (20,000 points, normally 25,000), the JW Marriott Cannes (30,000 points, normally 35,000), and the London Marriott Hotel Grosvenor Square (35,000 points, normally 40,000).
Starwood and Hyatt are behind in the times and don’t currently have discounted awards, but I’m hoping that changes in the near future!