I would transfer enough MR points to Continental to get the two business class tickets to Europe. Save the Saphire points for hotel redemptions once you plan your trip...looks like you only have enough hotel points to cover 2, possibly 3 hotel nights.

Other option: book one business class Europe ticket on Air France or KLM booked with Alaska miles and one business class Europe ticket on Air France or KLM booked with Delta miles transferred from MR points. Depends on availability and where you want to go. Delta can be harder to redeem at the lowest mileage rates, but Air France tickets, when they show up, are always at the lowest mileage levels. You'd only need to use 67,000 MR points to net 100,500 Delta Skymiles with the first time tranfer bonus.