Converting into airline miles sounds attractive to me.
Instead of spending 50.000 points for a 250 US$ hotel room (where you get more points and possibly RA status for the next year when paid with cash) has a value of less than 0.5 cents per point.
If you can get a first class award ticket which costs 10.000 US$ for around 150.000-200.000 miles or 750.000 to 1M miles then this sounds tempting.