Special Instructions
Points expire one year after receipt. Starpoints may be used for Free Nights Awards only. Free Nights Awards--including Free Nights in Specialty, Specialty Select, or Suites at higher Starpoint costs--may be used only at Starwood Preferred Guest participating properties based upon availability. May not be used for any other award option. Advance reservations required. Free Night Awards are for single or double occupancy rooms and tax only. All incidental charges are gratuities are the responsibility of the guest. Any unused Starpoints as of the expiration date will be forfeited. There is no cash value for unused points.
The special instructions limit the usage of the points, decrease their flexibility, and therefore decrease their "cash value". That said, if you have a lot of travel planned and can find some peak times to cash in the higher category properties, or anytime to cash in a CAT 1 / CAT 2 you can really maximize your points. Best thing to really do would be to pull up some sample stays and look at the price. I always do a price / point value analysis before deciding what method to use.