I searched for hotel exchanges in several US cities then went directly to those hotel web sites. Exchanges require
DVC points PLUS cash. The cash amount is often within a few dollars or the same amount as you can book at the hotel website. Take for example the Marriott Savannah Riverfront Standard King room October 1 - 4. Exchange requires 20 points PLUS $777.57. Booking directly with hotel yields the same room for $789 on member flexible rate. You save $12 and lose 20 DVC points through the exchange. The Hyatt Regency takes 20 points plus $755.58 for a non-refundable king through the exchange. Booking directly, the member rate is $810.64, so your 20 DVC points gains you $55 savings, but for a non-refundable reservation. It also appears there is a minimum stay of 3 nights. You might save more money at other locations but do your due diligence.