A good thing to know if you choose Sheraton Moorea: the top room type you can book with *points is a Beach Bungalow. But if you e-mail the hotel directly, they will allow you to arrange a guaranteed upgrade from a Beach Bungalow to an Overwater Bungalow for cash, if they have availability at the time of your request.
We were charged 16,650 cfp per night (including tax) for the upgrade, paid in advance by credit card.