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Starwood Preferred Guest points are generally regarded as the most valuable type of point out there, which is likely due in part to how hard they are to earn outside of paid SPG stays and charges on your Starwood Preferred Guest® Credit Card from American Express (or transfers in from Marriott Rewards).
Since SPG points are one of the harder types to earn, some people do turn to buying them when they go on discount, and then redeem them for hotel stays or airline transfers that would have otherwise cost more than the points purchase. Along those lines, know that there is a very solid limited time sale on SPG points right now at 35% off the regular price!
A 35% discount on SPG points is about as good as I have seen it get outside of some targeted offers. The 35% discount is valid on SPG purchases of 5,000 points or more and runs through the end of the month, June 30, 2017.
Link: Starwood Buy & Gift Miles
At this 35% discounted price you are paying as little as 2.275 cents per SPG point. To give a real life example of how this translates to savings on stays, the very well located resorts of Westin Grand Cayman or Westin Whistler can be as low as 9,600 SPG points per night (plus resort fees) on five night award stays, which would be about $218 per night at 2.275 cents per purchased point. That is not cheap, but paid rates at both of these hotels can easily be well more than double that rate during peak periods, so it can make sense in some situations. At the lower end of the spectrum, a Category 1 stay at 2,000 points per weekend night would come to $45.50 at that discounted rate.
If you do decide to take advantage of this offer, I recommend paying with the Starwood Preferred Guest® Credit Card or Starwood Preferred Guest® Business Credit Card since they will provide a 2x bonus on purchased SPG points.
Editorial Note: The opinions expressed here are mine and not provided, reviewed, by any bank, card issuer, or other company unless otherwise stated.