From the Loews website: Gold members receive an upgrade to a premium room, if available, guaranteed at time of reservation. Gold members can also enjoy a suite upgrade for only $50 per night, if available upon arrival.
what you need to do is book a standard room and then request for the free upgrade. the request must be made at the time of booking the standard room.
if none are available, then quoting damo, " nuthin' "..........
at this point, you won't get any discount for the room as you booked waterview.
for the gold members, if you have more than 3 in your booking you couldn't get the upgrade of a suite. for those that do, it is another $50 per night added on to your costs.