As mentioned, if you have a guilty conscience, go with Guest of Honor. Depending on whether hotel in question offers decent $ cents per point (1.5-2 cents IMO), OP could book with points and be reimbursed by friend with cash for retail rate. Win win situation...

Otherwise, cancel his booking and book one in the name of the status member. Check-in together, provide credit card details of status member at check-in, mention that guest will also be staying in room. Depending on whether the hotel is located in a more or less enlightened part of the world, be prepared for curious glance from front desk if a king bed is requested.

If OP isn't present at check-out, guest can pay cash or leave without formal check-out. Status members card will be charged and friend can reimburse later. Status member earns points/credit, friend gets benefits.