Update: Some offers mentioned below are no longer available. View the current offers here.This Sunday, IHG Rewards - the loyalty program of Intercontinental, Holiday Inn, Hotel Indigo, Crowne Plaza, etc. - is launching a 50% off award night sale at participating properties in Mexico, the Caribbean and Central America.You must book between Sunday, April 20 – May 3, 2014 for stays May 1 – June 12, 2014. Here are the participating properties:InterContinental® Presidente Ixtapa Resort, MexicoInterContinental® Playa Bonita Resort & Spa, PanamaInterContinental® Presidente Cozumel Resort Spa, MexicoCrowne Plaza® hotel Acapulco, MexicoHoliday Inn Resort® ArubaHoliday Inn Resort® Grand CaymanHoliday Inn Resort® Acapulco, MexicoHoliday Inn Resort® Los Cabos All Inclusive, MexicoHoliday Inn Resort® Puerto Vallarta, MexicoHoliday Inn® hotel Cancun Arenas, MexicoHoliday Inn Express® hotel Playa del Carmen, MexicoAward nights will start at just 7,500 points, while those at the Intercontinentals will be just 15,000-25,000 points per night, and there’s plenty of award availability throughout May and June like at the one in Ixtapa on Mexico’s west coast:The Intercontinental Ixtapa will only be 25,000 points per night instead of 50,000 points.And the Intercontinental Presidente Cozumel, with room rates nearing $300 per night, will be going for just 15,000 points per night - a value of 2 cents per point, which is pretty high for IHG Rewards redemption values.Sign up for our daily newsletterEmail addressSign upI would like to subscribe to The Points Guy newsletters and special email promotions. The Points Guy will not share or sell your email. See privacy policy.You could really make a great deal out of this by booking some of those low airfares we reported on yesterday on American and US Airways from various US cities to the Caribbean for under $300, including Aruba and Grand Cayman where some of the IHG participating properties are, and getting a whole Caribbean spring vacation for a steal!These awards are bound to go fast once the sale starts on Sunday, so I would make your plans now and check back first thing on Sunday morning to book your half-price award.If you need to top up your IHG account, remember that it’s a 1:1 transfer partner of Chase Ultimate Rewards if you have the Chase Sapphire Preferred Card, Ink Bold or Ink Plus, so that’s a quick and easy way to boost your balance.