The cancellation fee is indeed in USD
The cheapest rates for my dates are around $130 per night.
What seems to be their Cancellation Policy is based on Rack Rate and that too for the entire 5 night stay.
Is this the new norm? $2800 is simply ridiculous. Is SPG allowing hotels to get away with this? Well, they could have made it 28,000 USD as well I guess. My hunch is that this is a way for the hotels to discourage award stays (as they get very less revenue) and members will be reluctant to book stays if the cancellation fees are so high