Iceland has 5 hotels in the Michelin Guide's Key selection — 1 Two Keys and 4 One Key — across 5 places, led by Grindavik with 1. 2 can be booked with points: 1 through Marriott Bonvoy and 1 through Hilton Honors. The rest are cash-only independents, listed so the map is complete.

78k pts
On points

Median points per night and cents-per-point value from AwardClaw's award tracking. Value is the cash rate divided by the points price, so higher is better; green means the redemption beats the program's usual value by a wide margin.
| Hotel | Keys | Program | Points / night | Value |
|---|---|---|---|---|
| The Reykjavik EDITION Reykjavik, Iceland | Marriott · Edition | 78,000 | 0.7¢/pt |
5 places in Iceland have at least one Key hotel. Cities with three or more get their own page.
5: 1 Two Keys and 4 One Key. They are spread over 5 places; Grindavik has the most with 1.
2 of the 5: The Reykjavik EDITION and Hotel Ranga. By program: 1 through Marriott Bonvoy and 1 through Hilton Honors.
Two Keys is the highest rating held in Iceland, by The Retreat at Blue Lagoon Iceland. None of them take points.
The Reykjavik EDITION in Reykjavik, at a median of about 78,000 Bonvoy points a night — 0.7¢ per point against the cash rate.
Hotel selection and Key ratings from the MICHELIN Guide hotel selection; points prices and value are AwardClaw's own observations of each program's award pricing and move with dynamic pricing. Program links reflect the loyalty program a property belongs to at the time of writing — partner portfolios (Mr & Mrs Smith, Small Luxury Hotels, Design Hotels) change, so confirm on the program's site before transferring points. AwardClaw is not affiliated with Michelin or any hotel group. MICHELIN is a trademark of its owner.