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There was already a thread on the Bora Bora Nui Resort & Spa which open October 1st. Is that the one you are talking about (not positive since you said they havent honored upgrade so that implies the hotel has been open for a while)
If it is see:

http://www.flyertalk.com/forum/Forum74/HTML/003805.html

From Starwood Lurker
First, all the studio suite bungalows are luxuriously appointed and fully air conditioned, then the difference is as follows as far as upgrades using points is concerned:
Bora Bora Nui Resort & Spa
750 Starpoints - situated on the beach ocenafront with a private balcony.

1,250 Starpoints - situated on the hillside oceanfront with a private balcony.

14,000 - 20,000 Starpoints (depending upon the season) - overwater horizon view with a private swimming platform.