Yes I stayed there while on a buisness trip in March of 2002. I did not use points. The rooms where very large and very well appointed. The hotel is right on the beach and it has a nice (but small) pool. It is a rather long (but doable) walk to South Beach. The neighborhood that the hotel is in is seedy. The hotel was still being renovated when I was there.
I hope this information is helpful.
Paula