bluer, i think you are correct.
2 completed stays before status change to blue.
your stay is credited about 2 weeks after your trip is completed.
i looked at my info on the loews site a few minutes ago.
the next ressie states it is valid for the stay but won't be credited the points until after i have checked in and left.
peeps can cancel ressies in advance after making them.
so, it will show you have qualifying stays for the hotel, but won't receive that credit until you check in and check out.