Staying five nights, two rooms, at the Paris CE FS next week, using points. The rate starts out at 649 EUR but changes to 749 EUR. The latter clocks in at $973/night. The five nights clock in at $8950. Not a bad redemption!

Add one night, two rooms at the CDG FS ($491) and one night, two rooms at the Amsterdam FS ($725) and it's about $10k in hotel nights for 490k MR Points. Redemption rate ~$0.21/pt.