This year we decided too late to go to San Diego for July 4th (when we looked hotels were in the $400-500 range), so we've planned a trip for next year. I know hotels are ridiculously overpriced for prime times, and I accept that, knowing I'll monitor for any drops, but right now my question is a math one that is beyond my limited "ok the rate is this much, and points would be this much".

To PAY for the bay view balcony room, and get included valet parking, is right now $359 for one night, $341 for the next. Also earns points.

To use POINTS for the room is 35,000 per night, Plus $75 cash upgrade p/n for a bay view balcony room, plus paying for valet parking at $45 per night. Will I earn points on those incremental charges?

We don't have zillions of points to burn, are just looking for the "best value".

This is for the Marriott Marquis Marina.