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TPG valuation is 0.8 cents per point, but personally I wouldn’t recommend burning points for group trips if possible - points value can be a whole range
Just charge the friends what the room would cost if you paid cash.
If my friend redeemed his points for 0.6 cents and then charged my 0.8 cents because it's the "fair value", I'd be super pissed. I don't care how you pay for it, but I shouldn't be paying more because you used points.
Booking Vegas shouldn’t involve points. First time there?
That’s very relevant particularly when the OP was asking about how to split costs. Very helpful.
If you’re looking to do it for the room itself, use the conversion rate of that room. Hypothetically, if the room is $200 per night or 35K points then you can equate it to approx $0.006 per point. Again, it’s hypothetical but gives fair value.
Chief
Typically $.006 or $.007 per point.
Ditto what pwc2 said and add on top of that my lost value in not getting to acquire reward points if I were the one to pay for the trip or at least my share