You can exchange your points for airmiles at a 3:1 ratio -- you will lose 2/3 of your points and just earn 1/3 airmiles.
I think the better deal is the travel package where you exchange your points for airmiles and 7days of hotel stay plus car rental(25%discount).
Be cautioned-- should you decide not to stay for 7 days, you will lose the rest of the days.
As I understand the travel packages of air and hotel, you do not have to use the hotel certificate at the same time you use the airfare. Just arrange the airfare time and ask for the certificate for the 7 nights or whatever the timeframe is to be sent to you. The hotel certificate can be used anywhere within the timeframe it is good for.
Just a tidbit and I found this out the hard way. I was in Southeast Asia on a travel package vacation (air + car + 7days
hotel) at a Renaissance Hotel, which I had to cut short due to a family emergency. I had several choices : pay for two days or use
certificates on file. The front desk staff told me it is less confusing if I just let the travel package as is. She checked with her
manager who agreed. I insisted that they call Kuala Lumpur Marriott rewards office to make sure only 2 days is used, 5 days will be
returned to my account. I was assured it will be handled as we agreed.
It never did get re-credited, so I tried to fix it with MR Salt Lake City, who told me it cannot be undone and gave me 5,000 points
for goodwill. On top of it ,unfortunately that particular Renaissance has severed ties with Marriott and is no longer a
Renaissance. It was a hard street lesson for me, I hope people will read this and learn.