Originally Posted by
shza
The arbitrage play now is SPG-->VX-->AS, if you're so inclined, as it now yields a 30% bonus over going straight SPG-->AS.
Better Deal: Transfer SPG to Marriott reward points 1:3 ratio. So, 90,000 SPG -> 270,000 Marriott. Use Marriott points to purchase "Nights and Flights" reward deal. Get 120,000 AS points PLUS 7 nights in Cat 1-5 Marriott Hotel.
This is best use of SPG points.