I have only stayed at the Sheraton Waikiki once. As a P I got a huge suite and was very very happy with it. If they are going to comp you the suite based upon status I would think about staying there. If you gave up points I would get those back. I don't know about pricing for your other property or the possibility of a suite upgrade let alone changing hotels mid-stay. In speaking with HI hotel people most people reserving and often putting a deposit on suites show.