Am I missing something? Assuming I plan to stay in a location that has an IHG property at least once per year, with the anniversary night credit you get with the card, worst case I essentially pre-paid for a hotel stay for one night ($89 fee).

All the other perks just increase the value more.

The only thing keeping me from getting the card is that I am already a platinum member (and will be for the next year at a minimum). Looking for some other perspectives about getting now or waiting.