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This is the best hotel loyalty program, according to Bernstein

Marriott International Inc. offers the best hotel loyalty program, according to a recent analysis from Bernstein.

Analyst David Beckel recently took a look at several top loyalty programs—Marriott Rewards, Hilton Honors, World of Hyatt, and a joint Hotels.com/Chase Sapphire offering—and found that MAR, -0.61% boasts the best perks as well as the most attractive redemption options.

Rewards programs are a crucial part of the strategy for hotel chains, which face competition from Expedia Group Inc. EXPE, -2.53% Booking Holdings Inc. BKNG, -1.53% and other online travel agencies that let brand-agnostic customers shop for discounted rooms.

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