Priority Club offers an excellent "Cash and Points" feature that allows you to reduce the number of points needed for your stay by 5000 (with a $30 fee - the "cash" part). There is a 10,000 point reduction/$60 cash limit. So, say you want a room for 10,000 points, you'd redeem 5000 of your own points and pay $30 for the additional 5000 points. Say you want a 20,000 point room, you'd redeem 10000 of your own points, and pay $60 for the additional 10000 points. The points are immediately credited to your account and move you closer towards elite status. They are non-refundable - and that is where things get interesting...
Let's imagine that your plans have changed, and you need to cancel the room you just booked. No problem. The points you redeemed, plus the points purchased using cash are INSTANTLY credited back to your account. Net result is $30 for each 5000 point Pointbreaks property (a list of discounted hotels that is updated every 2-3 months). Just so you know, this list is PACKED with hotels! ...which are gradually removed as the discounted rooms sell out. Often, Pointbreaks properties will include the ultra-luxurious Intercontinental Hotels and Resorts (there was one in Fiji listed last month!) and most always have a few high-end Crowne Plaza and Indigo Hotels properties. Make sure to check out the updated hotel list which comes out around September 15th. Paying $30 for one night at these $250+ hotels is ridiculously cheap - do the math!
The only drawback is that you must redeem at least 5,000 points in order to obtain points using this method. So, you need to already be a Priority Club customer, and you need to have some points to redeem. If you're not quite there yet, be sure to take advantage of this deal while it lasts and while you have points!
Compare this to Priority Club's Buy Points feature. There, you must pay $67.50 for 5000 Points - so this is a serious savings!