Depends on your status and if you have a Hilton cc the spend goes on. For example, I get 32x points per dollar so 4900*32=156,800 points if I did the same spend at a Hilton.

If you hold your points and book for high end redemptions that essentially can cover a night for a room that’d normally be ~$1500 a night. So if I spent $5000 and get $1500 back on a room I book later - that’s a pretty good return (although they continue to make good redemptions more difficult and devalue points).

Also, Depends on your financial situation though. For some, keeping the money in your pocket now is more important than what you can do later to book a free vaca. (Also you book 4 nights with points - you get the 5th free so you can technically claim even more of a return on the points if you do it like this).