IHG is Holiday Inn, Intercontinental, and a few other hotels. Every quarter they release their Pointbreaks hotels, available to book for 5000 IHG points through March 31st. These are not their dingiest hotels, and I am not sure how they choose them. For example, the Intercontinental Beijing was on there when the list was released. 5000 Point nights are great, but if you transfer from Chase, those are worth about 90 bucks. Fortunately, you can buy the points from IHG for .7 cents each, meaning these hotels can be booked for $35, tax included!
One of the best hotels in the US on the list might be the Atlanta airport Staybridge Suites There are also hotels near Knoxville, Philly, Williamsburg, and Memphis. In Europe, there are hotels in Prague, Toulouse, and Ankara. The only Intercontinental left on the list is Mendoza, Argentina. Beijing was on it but got snatched up immediately.
I hope the Crown Plaza Asuncion keeps showing up, as I may scoop that one up next year.