American Express Membership Rewards now transfers to Leading Hotels of the World (LHW) Leaders Club at 4:1, and once your points land there, the value per point is basically fixed at right around 2 cents each. There are no award charts, no blackout roulette, no "off-peak vs. peak" games. Whatever the flexible cash rate is, that's what your points are worth.
A surprising number of LHW properties aren't just nice hotels; they're on The World's 50 Best Hotels 2025 list and hold MICHELIN Keys (the hotel world's answer to MICHELIN stars). So you can book genuinely world-class hotels with points you earn on everyday spending.
Below are the 16 World's 50 Best hotels that are bookable with Amex points, ranked by their global spot on the 50 Best list. Each entry shows the Amex points per night, the cash rate those points replace, and the net value per point after the cash taxes you still owe on a points stay, because that's the honest number.
1. Capella Bangkok — Bangkok, Thailand
World's #3 · 2 MICHELIN Keys
The reigning champion of this list. Perched on the Chao Phraya River with some of the largest entry-level rooms in the city and Côte, its Riviera-inspired restaurant, Capella Bangkok is regularly called one of the best hotels on Earth;
~60,260 Amex points/night · Cash value ~$1,349 · ~1.88¢/point net · View on LHW →
2. Chablé Yucatán — Chocholá, Mexico
World's #8 · 2 MICHELIN Keys
A jungle wellness sanctuary built around a sacred Mayan cenote near Mérida, with a spa that's a destination in itself. One honest caveat: this is the weakest points value on the list. The cash rate carries heavy taxes, which drag down the net return. Worth knowing before you book; sometimes paying cash here makes more sense.
~69,652 Amex points/night · Cash value ~$1,125 · ~0.91¢/point net · View on LHW →
3. Royal Mansour Marrakech — Marrakech, Morocco
World's #13 · 2 MICHELIN Keys
Commissioned by the King of Morocco, every guest gets a private multi-story riad with its own plunge pool and rooftop. It's the definition of aspirational and while it's one of the pricier redemptions here, the value per point holds strong.
~160,880 Amex points/night · Cash value ~$3,071 · ~1.90¢/point net · View on LHW →
4. Hotel Il Pellicano — Porto Ercole, Italy
World's #26 · 1 MICHELIN Key
The original dolce vita hideaway on Tuscany's Monte Argentario coast all sun-bleached loungers, a saltwater pool over the sea, and decades of jet-set history. Peak Italian summer for a fraction of the sticker price in points.
~46,244 Amex points/night · Cash value ~$886 · ~1.90¢/point net · View on LHW →
5. La Mamounia — Marrakech, Morocco
World's #30 · 3 MICHELIN Keys
Marrakech's legendary grande dame, wrapped in centuries-old gardens inside the medina walls. A rare 3-Key property that still prices at a full 2 cents per point, one of the best luxury-to-points ratios on the list.
~48,264 Amex points/night · Cash value ~$977 · ~2.00¢/point net · View on LHW →
6. Hôtel de Paris Monte-Carlo — Monte Carlo, Monaco
World's #36 · 3 MICHELIN Keys
Belle Époque glamour right next to the Casino de Monte-Carlo, home to Alain Ducasse's three-MICHELIN-star Le Louis XV. This is where points cross over into serious old-world luxury.
~56,648 Amex points/night · Cash value ~$1,075 · ~1.90¢/point net · View on LHW →
7. Grand Park Hotel Rovinj — Rovinj, Croatia
World's #48
The most attainable entry on this whole list. A sleek, modern design hotel cascading down to the Adriatic in one of Croatia's prettiest old towns — and at under 31,000 points, it's the "you could actually book this next month" pick.
~30,956 Amex points/night · Cash value ~$587 · ~1.90¢/point net · View on LHW →
8. Hotel Sacher Wien — Vienna, Austria
World's #49 · 3 MICHELIN Keys
A piece of living history with an unbeatable location, bookable on points.
~53,760 Amex points/night · Cash value ~$998 · ~1.86¢/point net · View on LHW →
9. Badrutt's Palace Hotel — St. Moritz, Switzerland
World's #52 · 3 MICHELIN Keys
The alpine icon that basically invented winter tourism in the Swiss Alps. Fairy-tale tower, frozen lake out front, and a who's-who guest list going back over a century.
~77,280 Amex points/night · Cash value ~$1,479 · ~1.90¢/point net · View on LHW →
10. Borgo Egnazia — Savelletri di Fasano, Italy
World's #63 · 2 MICHELIN Keys
The Puglian resort was built like its own whitewashed village, host to a G7 summit.
~50,868 Amex points/night · Cash value ~$965 · ~1.90¢/point net · View on LHW →
11. San Ysidro Ranch — Santa Barbara, United States
World's #68
The Montecito legend of secluded cottages where JFK and Jackie honeymooned. A pure 2-cent redemption and, for a U.S. bucket-list stay, a fantastic use of points.
~154,752 Amex points/night · Cash value ~$3,599 · ~2.00¢/point net · View on LHW →
12. The Fifth Avenue Hotel — New York, United States
World's #75 · 2 MICHELIN Keys
The maximalist darling of NYC's newest luxury wave. Jewel-box interiors, a buzzy scene, and a Flatiron address. A great way to turn points into a marquee Manhattan weekend.
~59,752 Amex points/night · Cash value ~$1,238 · ~1.77¢/point net · View on LHW →
13. The Greenwich Hotel — New York, United States
World's #77 · 1 MICHELIN Key
Robert De Niro's Tribeca hideaway, with the lantern-lit underground Shibui Spa pool and a fiercely private, no-two-rooms-alike sensibility. A clean 2 cents per point.
~83,752 Amex points/night · Cash value ~$1,926 · ~2.00¢/point net · View on LHW →
14. The Gleneagles Hotel — Auchterarder, Scotland
World's #78 · 3 MICHELIN Keys
The grand Scottish Highlands estate with championship golf, falconry, gundog schools, and a full country-sports playground on 850 acres. Another 3-Key property redeeming at a full 2 cents.
~48,904 Amex points/night · Cash value ~$979 · ~2.00¢/point net · View on LHW →
15. Le Sirenuse — Positano, Italy
World's #94 · 1 MICHELIN Key
Maybe the most photographed hotel on the Amalfi Coast — the terracotta facade, the pool railing over Positano, the whole postcard. Points get you the view everyone screenshots.
~77,460 Amex points/night · Cash value ~$1,536 · ~1.78¢/point net · View on LHW →
16. Portrait Milano — Milan, Italy
World's #99 · 2 MICHELIN Keys
Set inside a restored 16th-century seminary off Via Montenapoleone, opening onto a dramatic piazza of restaurants and boutiques. The Ferragamo family's design-forward take on Milanese luxury.
~78,036 Amex points/night · Cash value ~$1,570 · ~1.78¢/point net · View on LHW →
Honorable mention: Nihi Sumba (World's #56 · 3 MICHELIN Keys)
The famously remote surf-and-wellness escape on the Indonesian island of Sumba is on the 50 Best list and holds 3 Keys — but it doesn't currently offer points redemption through Leaders Club, so it's cash-only for now. One to dream about.
How to book any of these on points
- Enroll in the LHW Leaders Club (free), and note that you'll transfer to it, not directly to the hotel.
- Transfer Amex Membership Rewards → Leaders Club at 4:1. 1,000 Amex points = 250 Leaders Club points. Transfer only what you need, points transfers are one-way.
- Points should transfer instantly and you are ready to book your hotel.
- Budget for the cash taxes owed on a points stay; they're small at most properties, but, as Chablé Yucatán shows, worth checking before you pull the trigger.
The takeaway: unlike hotel points that quietly devalue each year, LHW redemptions hold steady at ~2 cents. That makes Membership Rewards one of the most reliable ways to turn everyday spend into a night at literally one of the best hotels in the world.
Rates and availability are dynamic and were sampled recently for a standard room, one night, two adults. Always confirm current pricing before transferring points.
