I just replaced a Rewards reservation at the Budapest Hilton in early October with a paid reservation. It would have been 75,000 points for 3 nights, with a likely upgrade since I have Gold status. They have a non-cancellable, pay-in-advance rate of 100 Euros per night. That comes out to less than half a cent per point if you convert the Euro at 1.18. We went for the upgraded room (Danube view) at 130 per night plus tax. The dollar could strengthen between now and then, but I'm happy with the deal.

We also have 4 nights in Prague on a Reward stay and that looked like a better deal so we're keeping it.