I think this is only worth close to $500 if you're the type of person who would be willing to spend $500 per night on a room, which OP may be. It's a value but in my eyes not exactly worth rack rate most of the time.
For me the value in higher level Marriott status is the late checkout (2pm gold and 4pm platinum) which isn't always easy to get the property to let you use.
You can combine with the $125 AMEX Mariott Bonvoy card and get 15 more elite night credits to start the year off at 30, which is a nice head start.