Hotels.com has announced a major devaluation to its loyalty program. Previously you received a stamp with each night stay, when you had completed ten nights you received a free night stay based on the average cost of those ten nights (you could top it up with cash, but if it was under the value you didn’t get a further refund).
The new program is called One Key and is a combined loyalty program across other Expedia brands (Expedia, VRBO, Orbitz etc). The new program offers 2% back on all hotels, vacation rentals, activities, packages, car rentals, and cruises and 0.2% on all flights.
This is obviously a massive devaluation. It looks like the changes go live mid 2023, so aren’t live yet. Existing stamps will be converted to OneKey at 10% of the value listed (value listed is the price of the hotel night so this is a fair exchange). I actually used to use Hotels.com a bit, but this has killed any desire to ever use them again.