I just tried to make a booking at a Four Seasons hotel for January. I called the Platinum line, but the 5th night free that FS was offering was not available through FHR, increasing the average nightly rate by over $200.
I hung up and got with a FSPP travel agent to get the full benefits (better actually, as the $100 credit is for F&B not Spa), and the free night.
I then used my Chase Sapphire card for the deposit to get 3X points (and likely at checkout too)
This might not be working the way American Express was expecting