If you transfer from SPG directly, you wouldn't transfer 90K SPG points. To maximize transfer bonus, you'd transfer 80K points to receive 100K VX points (or 130K AS miles). The alternative is to transfer 90K points to Marriott and purchase a travel package for 120K AS miles plus 7 nights in a cat 1-5 hotel. So the trade-off for the alternative is that you'd spend an extra 10K SPG points and get 10K fewer AS miles for a 7-night stays in a cat 1-5 hotel. Is the 7-night stay worth 10K SPG + 10K AS miles? Personally I prefer direct transfer from SPG because I already have too many these 7-night stay certificates for the next year.