Yes that is correct. I had a reseveration at the JW Marriott in Bucharest. I could not get the early flight out and I thought that I would not make it at all so I called to cancel. The points were returned to my account. Well I ended up making it on the late flight and arrived into Bucharest without a reservation at 01:00. I just stayed at the airport until 6:30 and then went on to my Intercontinental Hotel award a few hours early with no problems.