I stayed at this property with HH points 3 different times in February 2004 and would not consider paying Hilton $$ in the current environment of what they are doing / have already done to the HHonors program as this is one of the best, if not the very best HH Category 1 properties in the world.
It might depend on who pays for this stay as your Gold status will get free buffet breakfast / health club / Japanese bath unlimited access / and a likely upgrade to an 11th floor deluxe room with high speed internet whether you use $$ or points redemption.
If employer pay, then whatever you are allowed as you will earn roughly 1500 base points / 375 Gold bonus points / possible 750 bonus on base if you choose 50% or 500 miles (miles are better for 1 night stay at this rate) based on $ 151.06 current exchange. Choose miles would be my option here. Longer stays get the switch to 50%.
However, it seems likely this is not the case since you went to the trouble of posting and if employer pay, we usually just book a nice room within limits and worry about ways to earn more air miles/hotel points on something else.
Even though the rates they publish and charge at this hotel include all taxes, I have always received HH points on the total bill.
If you are paying, then using points should be a better option if you have the 10,000 points, unless you really need stay credit / to earn points or use your points at great redemption values.
If you value your 500 miles at 2 cents each, then the net folio charge is $ 141.06 (151.06 - 10.00 = 141.06) and you earn 1,875 points for the stay if $$, so the net cost for point redemption is 11,875 difference which is a usage rate of 1.19 cents each.
Considering the relative destruction of the HHonors program points valuation in the last
12 - 18 months compared to 2002 based ALON/GLON/TEEN increases and on very limited point stretcher awards available for 2004 in all categories and NO PC101 awards, and the fact that category 2 - 6 are 20k, 25k, 30k, 35k, and 40k points per night makes us need to realize that smart redemption opportunities are going to be quite limited.
I think it will be very rare when you can get a better value than 1.19 cents / point in these times except with 6 day VIP awards at very expensive properties.
[This message has been edited by CrAAzyPlatinum (edited Mar 11, 2004).]