That works for you, but if the OP isn't going to Hong Kong, Paris or NYC in the next year and is earning a half million points a year from work travel, it would be silly to hold onto the points.

A half million points a year isn't unrealistic for someone staying 100+ nights at an average of $175/night when you consider MegaBonus, the Chase card, welcome gifts and other miscellaneous earnings. For those of us staying and earning at that pace, we don't have the time for as many leisure stays and the points aren't really worth as much as those who earn less and/or vacation more. While I get that some people want to maximize the dollar value of the points, for many of us, that's not the only consideration, and shouldn't be the sole criteria in determining whether to use points or cash.