YES it is, according to the T&C's:

Hotel Room Upgrades for Platinum Members: Platinum level members will be offered a complimentary upgrade, as determined by the hotel, which might include rooms on higher floors, corner rooms, newly renovated rooms, or rooms with preferred views. The upgrade will be offered at time of check-in, based on availability, and will only apply to the member's personal guest room. The hotel is not required to upgrade members to suites or specialty rooms. Upgrade benefit will not apply to rooms booked as a Reward Night reservation.

The hotel is under NO obligation to provide the lounge access when giving you a room on the Club Floor, and many don't.

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