"If you have enough PC points, some of the HIs and HIX are showing availabilities for 10k/night (non-refundable)."
I booked my hotel using this. They wanted $600/night but only 10K points--since I have hundreds of thousands, seemed to be a good use of points. No problem if more hotels become available at last minute which I suspect, at least I will have a room within a reasonable distance of the Olympic track and field venue.