Thanks everyone!
My initial instinct was to pay cash for the room and continue to save points as the value at that nightly room rate didn't seem like such a good redemption value. Trying to research exactly what the points should be valued at was giving me a HUGE headache, because nothing was consistent.
Though the feedback here about saving cash even if the exchange rate isn't wonderful makes great sense. I do have a lot of points accrued as a result of the IHG CC and a lot of recent travel, so I may just use the points instead.