This is definitely a targeted offer, but many folks are seeing discounts of up to 40% off the normal number of Membership Rewards points necessary for transfers to Hilton Hhonors and Starwood.
At 40% off, you’ll be able to exchange 600 Membership Rewards points for 1500 Hhonors points. Or, you can exchange 600 Membership Rewards points and get 333 Starwood points (still a terrible option).
Alternately, log in to Membership Rewards and go to the Membership Rewards homepage and look for a banner advertising 40% off deals, then click through to see the details.
(Hat tip, FT)