Join Date: Aug 2011
Location: Barcelona, London, on a plane
Programs: IB+ Gold, TK E+, Hyatt Globalist, Marriott LTP, IHG Diamond
Posts: 14,186
140k points are worth $700 at best. Plus the free night.
Compare that to whatever else you can put in your 5/24 slot.
There are very few IHG hotels in the same ballpark as Park Hyatt, Conrad, St Regis, etc. and you can't use points to upgrade yourself to a room with perks... (Club, view, etc.)