The hotel refunded you right? Not Barclay's. When you used the $465 in points, they apply a $465 statement credit. Did they modify this credit? If the did not, then you are not out any money. You got a $465 statement credit, PLUS you got the $266 refund from the Hotel. So you got your point value.
Now if they did modify the Statement Credit down to $199, then you have something to argue about.