I have never seen anything like this to be honest ... do you have a description of the rate, the image does say much (e.g. do you get qualifying points or reward points, is this for every night or once per stay, etc.) ...

In any case, during the 100% bonus sale promos, you can get 10k points for $50 (the best price I have seen since being an IHG member), so as long the math works better here, I would personally go for it.