You might be better off just paying cash for the room you want. The point exchange rate is horrendous. For example, it costs roughly 40 points for one night at the
Disneyland Hotel, which if you rented those points for $15 per point would be $600. A room at the Disneyland Hotel, the nicest HK Disney Hotel can be had for only $277 dollars.
On a side note...The Disneyland Hotel and the Explorer’s Lodge are like mini Grand Floridian and mini Animal kingdom minus the animals. They are a little disappointing. We stayed at the Hollywood Hotel and really liked it because it was unique, and not trying to copy something else. The pool was especially nice. All are within easy walking distance of each other and connected by a beautiful walking path along the water. We took the bus to and from the parks because the heat was insane, but the walk from each hotel is comparable as well, with a Hollywood Hotel being the furthest, but only about 4 extra minutes.