I think you need to let us know what holiday locations you're considering. Hyatt has some good locations, certainly.

The devaluations for Hyatt are mostly on top end properties. I think that SPG has had much more of a devaluation.

You can also book awards at the old levels until Jan 7th. So you can earn, and redeem the awards up to Jan 6, 2015. You can also use your suite upgrades in 2015, too, if you book them by the end of Feb, 2014.