The first thing that I would assertain is how good your rate is relative to the normal price. Generally negotiated rates aren't point/night earners in my experience. I dropped over $1000 in San Fran at an Intercontinental and got zilch. In fact, it ruined my relationship with Priority Club. Sucks to be them as far as I'm concerned.

I live out of the same two hotels W-F (I hop to meet status). My university has a negiotiated rate with the local hotels I stay in and sometimes I use that rate and get points/stays. Sometimes I'm actually better off using the AAA rate or advanced purchase rate. I don't do Priceline/Orbitz because they're not point earning stays.

You'll have to decide what your comfort level is in terms of price difference.

One thing I looked into was setting up a corporate account for myself. There is a rate discount if you meet so many nights a year (I think 100 nights). I wasn't going to meet that number but you might get close especially, if your classmates are a part of your "corporation" and might stay at your hotel every once in a while. You might look into that. But it might not give you as good of a discount as you've got.

I would suggest talking to the manager to see if it's an hhonors policy or his/her policy. You might be able to come to another agreement if it's his/her no points policy.

It would be tough to forego points and stays as Hilton has had some great promos lately. Last year it would have been worth it for me to pay the non-neg rate since Hilton paid for decent portion of my vacation. But it all depends on the promos. Q3FN certs are the bomb and I want 'em.

My advice is to do the research before you make any decisions.