There has been a lot of talks recently about Marriott’s proposed acquisition of Starwood and what it would mean for guests, competitors, intermediaries, and the companies’ loyalty members if the transaction ultimately happens. Would SPG members see the value of their points diminish over time? Would SPG members’ loyalty wane if and when they’re integrated into the Marriott system? To inform the answers to these questions, it’s helpful to understand what’s happening with loyalty more broadly in the travel industry right now.