Just visited Sheraton website.

SH BB will be part of the Luxury collection - unlike Tahiti and Moorea.

Indeed, based on the info provided, it will be on an islet and will offer the biggest bungalows ever built in FP with 90+ sqm! Other hotels offer around 60 sqm accomodation, which is already very comfortable. You spend very little time indoor...

If you are flexible and the hotel will be completed as planned, then go for it. May be they will have special rates for the launch of the hotel. Now, how easy is it to get award nights for a luxury collection hotel?
Remember summer (june - august) is the very high season.