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You seem to be calculating a net annual cost of $250. Please clarify your arithmetic. The annual fee is $450. There are two annual credits: $250 Hilton Resort Statement Credit, $250 Airline Fee Credit, and there is a $100 On-Property Credit.
My bad. It would be $200 then. I'd say $450 AF, and I am sure I'd use the $250 Hilton Resort Statement Credit. I see that the Airline Credit can be a little iffy as far as the reimbursement goes. Of course you can throw the free night in, but many hotel cards get you that. Albeit at a very expensive hotel, I am just thinking in pure tangible cash value.