Yep, this isn’t abnormal. As said, newly opening hotels often make agreements with nearby properties to accept bookings “at par” in the event of opening glitches, but that’s not really possible for redemptions. The new peak rates don’t come out on 5th March. There’s no grand conspiracy here and nothing to get twisted about, but hey, this is Flyertalk, so of course it’s a dastardly plot by crooked hotel/airlines we all so hate yet remain seethingly loyal to.

Let me add a few Gosh, now that feels like FT to me!