Who pays rack rate? Hopefully not any of my friends.
You are an IHG member? They automatically get a lower rate. Checking a random Friday in March, I see $113 advance purchase, $125 IHG member rate with or without breakfast. $130 member rate with 1k points, $132 rack rate, and $137 rack with 1k.
All the member rates are cancelable up to 6pm on day of arrival.
I have found that IHG status does count for something in Asia. I've gotten upgraded to suites, gotten club access as a gold and platinum member, and many other perks, even on a points stay.
And IHG points are pretty useful when Pointbreak 5k deals come out. Having 20-30k on hand is a good idea. Over the years, I've used 80-90 Pointbreak nights at a lot of varied hotels. IC's and CP's were usually the best deals.