I'm booking my first reward stay anti dontquiteunderstand the rate rules. They say:


Rate Type: Reward Nights
Rate Description: Use IHG Rewards Club Points to pay for your stay. Points will automatically be deducted at the time of booking.
Deposit Required: A deposit of 1 night is due at time of booking.
Cancellation Policy: Canceling your reservation or failing to arrive will result in forfeiture of your deposit. Taxes may apply. Failing to call or show before check-out time after the first night of a reservation will result in cancellation of the remainder of your reservation.
Rate: 50000 IHG® Rewards Club Points per room, per night
Total 50000 IHG® Rewards Club Points for Entire Stay


Does this mean I will lose my 50000 Points if I cancel, or does it always say this? I thought that reward stays were refundable? Help would be appreciated. Thanks.