Just an anecdote.

We're staying in Lisbon for four nights in April 2027 and I decided on an EDIT hotel. As I only had one $250 credit available, I split the reservation into two two-night reservations with the intention of rebooking the second two-night stay next year to make use of a new credit. I've been keeping tabs on the rates and it's now double what I booked it for! If that holds when 2027 comes around, it won't be worth rebooking and I'll have to figure another use for those credits, but I'm sure glad I took the precaution of booking early.