I used to think that cashing in for the pkg was the way to go.

Using the above ex of The Renaissance in London and with the almighty U$D so weakened. I would rather cash in for 7 nights @ 150k x 2, even if I wasnt awash in miles like I am. Its alot easier finding cheap fares to Europe then it is cheap Hotel rates for a 4* or 5* Hotel.

So that would be 14 nights @ $500 per night will way out weigh whatever the air fare maybe. Or I can do 1 week say in London and the 2nd in Paris