For anyone curious I just completed a stay here a couple of weeks ago:

I was able to book a corner king bed with club access for 12,000 points a night. Seems like this usually goes for around $350-400 a night.

The hotel is in a great location if you are looking to stay near all of the usual tourist attractions, I was able to walk to hongya cave and jiefangbei pedestrian street with no issues. The only annoying thing was the hotel lobby is on the 69th floor, you need to take a dedicated elevator up to access the hotel. This took sometimes several minutes depending on how busy the hotel was but wasn't a major issue to me.

The rooms were very nice, for an award level 2 I felt this was a really good deal. The room included a bidet, and automatic blinds which opened when you walked in the room. I was overall extremely impressed with the quality. As for the club and breakfast, they were both good and I thought the food was fresh and high quality. Overall I think this was a great points redemption, but I think the cash price is a little too high for me.