Well, I got the phone call today and was offered the $100 future "total trip" coupon or one of my nights free. As I was on the phone with Travelocity, I pulled my confirmation up and read it to him. I was informed that nothing would be done to cancel, but not to expect the Hotel to Honor. Shortly after this conversation, I rechecked my confirmation, and now this appears at the top of my reservations page:

This reservation was made while you were signed in to a different Yahoo! Travel country. In order to make any changes or complete the ticketing process you must either log in again and choose your original "sign in" country or cancel this reservation and rebook the itinerary using the current "sign in" country.

Also the line where it states that you have not been charged by Travelocity has been changed to Yahoo Travel.
Interesting, I thought.