Everyone values things differently. I wouldn't drop 240K for 4 nights + 1 night free. Three quarters of your 240K or 180K transferred to Alaska Airlines Mileage Plan would yield 75K miles; precisely the number needed for a JL First Class award TPAC from North America to Japan and beyond to as far as Delhi, India with connecting flights within North America to the JL gateway. The reverse is also true. 240K would yield 100K miles, enough for a CX return to/from SE Asia and North America, again with connecting flights to the CX gateway. Even a one-way award allows a free stopover.

I can't remember the last time I spent more than 4 nights in a hotel so the 5th night free is of no value to me. Beyond 4 nights I am looking for an air bnb where I can prepare some of my own meals.

There is great value in redemptions outside of hotel stays. A CX JFK-HKG-DPS return in business runs about $5,250. With 1.6M points I wouldn't be discounting Airline FF# programs. All have their sweet spots and you are free to chose a program that works best for you. Combining Airlines with your strategy may be a more stratigic approach.

James in Portland.

What has the OP always dreamed of doing or going? That is where to start. Decide what your dreams are, and then try to figure out a plan to let those points get you there!

Bitterness about Bonvoy aside, 2 million Marriott points is still worth a lot. You still have access to all of your favorite Starwoods, and most of them cost around what they did prior to the merger. Given that the merger process itself was a disaster and Marriott is taking a lot of bad PR, I would say we're at a very low risk of any near-term devaluation to the program from this point. Marriott's going to want to stabilize under this system for a couple years before doing anything else.

In other words, there's no need to burn the 2 million hurriedly or stupidly. Don't burn 'em on airline miles unless you're topping off for an award or redeeming as part of a Travel Package. Use them for high-value hotel stays. Just like Starwood, the sweet spot is 5 nights for a regular award, or 7 for a TP. The best value is at the edges - Cat 1 cash-replacement stays or Cat 7/8 aspirational stays. Mid-category sweet spots are harder to find, but you might get lucky.

I would say you are being optimistic. The merger process has been a disaster since last August and that didn't stop them from devaluing this March.

Maybe I missed it: what new devaluation was announced last month?

I know that's when Category 8 took effect, but did I miss something else?

Elite benefits are still inconsistent, the website is still broken, customer service still sucks, and at some point they'll turn on peak and off-peak pricing, which could be a stealth devaluation if properties are allowed to call half the year "peak". But structurally speaking, none of these things is going to make me flush 2 million points for lesser value in airline miles unless I really have a strong near-term need for the miles.

As an example, I'd expect the Travel Package levels to stay where they are for 2 years or more. If you want the full St. Regis Maldives experience, 750k gets you a week + 100k airline miles. Do one of those plus another Cat 8 somewhere and you still have 500k points left.

The annual category changes which took place in March. Annual Award Category Changes - Effective March 5, 2019.
Sure, it's not quite the disaster that thread makes it sound like, but it is certainly a devaluation. And it is likely to keep happening every year, so keeping huge quantities of points doesn't seem like a good idea. I'm not saying the OP has to run off and spend all his points immediately. Of course he came to flyertalk to ask what to do with 2 million points, so I am not exactly sure what his goals are.

Every hotel chain has annual category creep.

I have been thinking a lot about the devaluation of Bonvoy as a rewards program. To that end, I put together a model in excel that tells me whether to book with points or with cash. I plug in the lowest rate I can get for a particular hotel in dollars and in points. Since I am Titanium and a Bonvoy Premier card holder, I also fold in the additional points that I gain from staying and paying cash. I discount the total rate by the points gained * the perceived value of a Bonvoy point (1.0 cents which is completely debatable).

The model then tells me what to do. If the points redemption is 80% of the cash price, I will book with points. Otherwise, I book with cash.

Telling example:
For a vacation on Singer Island next year, I have booked two rooms - one for “points + cash” (only option available) and a room for cash. Here is what my model tells me -

* If I pay cash, the quoted rate is $315 per night. After backing out the value of the points earned, it brings it down to $243 per night.
* If I pay with points + cash, the “rate” per night is $667 per night. I get to that number by calculating the value of the points + the cash - the points earned.

Using cash costs just 41% of what using points + cash costs.

I should also add, I ran the same analysis for the same week for the Ritz Carlton Naples (FL). Using Points + Cash results is a far wiser decision than paying using cash. So, there are places to use Points but I've decided yet where those sweet spots are.

In addition, you could make the argument that using cash to generate a bunch of points that are not that valuable is just chasing my own tail.