IHG Rewards, the loyalty program of the InterContinental Hotels Group, yesterday released its latest list of PointBreaks hotels that are available for booking for just 5,000 IHG Rewards points per night.

Offer Details

Beginning on October 31, IHG Rewards members can book award nights for 5,000 points at 127 participating hotels, for stays through January 31, 2017.

The new list includes 79 hotels in the U.S., 16 in the rest of the Americas, 18 in Europe, 12 in Asia, and two in Oceania, Africa, and the Middle East. There’s just one InterContinental on the list, the InterContinental Cali in Colombia.

Deal or No Deal

With normal IHG Rewards award prices ranging between 10,000 and 60,000 points per night, the PointBreaks rates represent a discount of at least 50 percent. The value proposition is unarguably a compelling one.

As far as sheer numbers go, the current list features around the same number of participating properties, 127, as the previous quarter’s 138. Both, however, are a significant downgrade from the roster of several quarters ago, which featured 210 hotels, including 142 in the U.S. alone. That, sadly, is the long-term trend.

Numbers aside, the question with PointBreaks, always, is whether any of the discounted hotels work for you.

Bottom line: Whether it’s long or short, the PointBreaks list is always worth perusing. There just might be a hotel that fits into your existing travel plans, or that could be the centerpiece of an opportunistic trip.

As always, room nights available at the PointBreaks rate are limited, so act quickly to lock in a deal that works for you.

Reader Reality Check

Have you ever booked a PointBreaks stay?

After 20 years working in the travel industry, and almost that long writing about it, Tim Winship knows a thing or two about travel. Follow him on Twitter @twinship.

This article first appeared on SmarterTravel.com, where Tim is Editor-at-Large.