Keep the 100k for a EU C award on AZ or AF or KLM. The rest - use for car rentals -
I found best use for holidays for >5 days. Cash cost 900, SM market cost 60k miles = used 1k miles and 590$.
Hotels are a standard use at 1cpm or you can use pwm, but these tickets do not get upgraded.
You can wait for the 100% share bonus and combine miles to a single acct.
But remember that you are paying 1.1cpm and you better get a good award to make up the cost.