It is a bad deal. For 130K points you can get a week in a Cat 6 Hotel which would set you back $2000 to $3500. For 390K points, 3 weeks worth (minimum) $6K.

Formula - take the value of the item and divide by the number of points. Compare that to value obtained per point using the points for rooms and airline tickets.

In your case, you are getting less than a half penny per point. My rule of thumb is I want at least a penny a point, I am happy when I get 1.6 cents per point.