Cat 2, great value
I just booked 3 rooms for 4 nights (total of 12 nights) for next May, 2013. I had hard time believing that I was able to get that many rooms for that many nights in Barcelona for only 42,000 SPG points.
I did the same analysis as above, as I considered doing Hilton Diagonal Mar for 145,000 AXON7 stays for same rooms, but it just didn't seem right to spend 435,000 HH points versus 42,000 SPG points. I know that these are apples and oranges, still 10:1 ratio is a bit too high.
Best,
PedroNY