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IHG points are frequently on sale with 100% bonus, with average cost as low as 0.575 cents per point. Whether it makes sense to purchase points for an award stay will depend on the cash rate of the hotel you are looking at. Clearly, you have to do the math. But often times, even at low category IHG hotels and non-fancy locations, using points purchased would still be cheaper than paying cash for the stay.
Remember, if you are looking to pick up the Chase IHG Mastercard, the signup bonus is currently up to 80,000 points (and some people have been able to match to a 100,000 point offer), you can