I was swayed a bit by the wording:
Hotels may limit the number of standard rooms available for redemption on a limited number of days.
Thinking that "limited number of days" means all other days will have standard rooms available if there are present for cash. I guess I don't know how to read policies - "optimistic" reading is just that - overly optimistic

Too much SPG-brain-mush.
Thanks for the explanation.
Is there a list of "limited dates" accessible anywhere?