It was tough to part with so many points at once, especially after earning them slowly over the past year. I booked two trips in anticipation of the Feb 1 category changes:

1. 6 nights at the Le Meridien Barcelona (cat 4) using the 50% off promo for a total of 30k points

2. 8 nights at several Hawaii properties for April/May (Sheraton Kauai, Princeville Resort, Sheraton Maui, and Sheraton Keauhou Bay Resort) using a combination of standard and upgraded rooms for a total of 92k points.

Spent a total of 122k points for two trips....expensive but it will be well worth it! I calculated that I'm saving approximately $4000-5000 in hotel costs