IHG is offering a limited time promotion where you can get a 100% bonus when you purchase points through February 17th. You will need to log into your account here to see the offer. The max amount of points you can purchase is 60k points and you will get a bonus of 60k for a total of 120k points. The rate would be only ~.58 cents per point which is pretty solid.
IHG 100% Bonus Points
Offer available for purchases made between 12:00 AM ET February 14, 2016 12:00 AM ET and 11:59 PM February 17, 2016 inclusive. This is an exclusive, non-transferable offer for intended recipient only and may not be forwarded. Bonus points will be awarded upon completion of the transaction. Bonus points will be awarded to the recipient of the points purchase. Offer is subject to change. Offer cannot be combined with any other offer. Only purchases made online are eligible for bonus.
Price includes all applicable fees. Purchased points are not refundable and are applicable toward all IHG® Rewards Club awards. Members may purchase a maximum of 60,000 points per calendar year and receive as a gift a maximum of 60,000 points per calendar year. Please allow 72 hours for points to post and appear in the recipient’s account. All other IHG® Rewards Club Terms and Conditions apply.
If you compare the cost of buying the points to the hotel nightly cost that you are looking to book, this promotion could save you some good money! For example, a few years ago we stayed at the InterContinental Thalasso Bora Bora which for an overwater bungalow can run you $900+ a night. If you can get award availability, you can certainly do better paying with points.
Also don’t forget about using points for the IHG PointBreaks Promotion. If you purchase points with this promotion for ~.58 cents per point that would be about $29 per night at the 5k pointbreaks level. The hotels that are available during PointBreaks rotate throughout the year.