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You can currently book IHG Suites and Club Rooms for the same Points rate as a standard room at a number of hotels.
From a UK perspective, the most interesting options that have been unearthed (by ExtremeHotelDeals) are as follows:
Slightly further afield, you can find similar opportunities at the Crowne Plaza Toulouse, Crowne Plaza Istanbul Oryapark and the Staybridge Suites St. Petersburg.
There are a few options in the US, Central America and Australia too – you can check out the full list over at ExtremeHotelDeals. It’s possible that there might be others that haven’t been discovered yet too, so keep an eye out when booking IHG hotels using IHG Rewards Club Points to see if you can bag yourself a nicer room!
There’s no way to know for sure whether the hotels will decide to honour these bookings, or try to downgrade you to a standard room. The good news is that Points bookings are (almost) always refundable, so if the hotel gets in touch with a suggestion you don’t like, you can always just cancel.
If a hotel tries to downgrade you to a standard room on arrival, without letting you know in advance, I would (politely) fight that quite hard and expect to persuade the hotel to honour the original booking. There is a risk though, so I would only suggest booking if you would be reasonably happy with a standard room anyway and see the Suite/Exec Room as a bonus, rather than building a special occasion around it or anything like that.
IHG Suites and Club rooms for the price of standard rooms is a great offer if it suits your travel plans. Hopefully the hotels will honour it!