At least five hotel companies have raised the award price for free hotel nights, according to business travel columnist Joe Brancatelli.

Brancatelli said Hilton, Starwood, Marriott, Wyndham and InterContinental Hotels Group have made changes to their frequent-guest programs that reduce the value of accrued points.

"Nightly rates are up, demand is up and we also offer more hotels in more segments in more places around the world than ever before," a hotel executive told Brancatelli.