For what it's worth, I called to reserve an ALON award over next New Year's, was told that there wasn't space but that the Diamond desk would directly buy a room from Hilton for me.

Which sounds like a pretty good deal. Anyone have any experience with this type of arrangement?

I'm told I don't need the reward certificate this way, but I plan on calling the Waikoloa several times over the next 10 months to confirm and reconfirm personally.