You'd need to look at your chance of using the points as they are, banking them or re-renting the reservation. If they were borrowed or banked from last year, they are going to have to be used during the current year. If you don't have much of an opportunity to make a reservation that you can use (the reservation is for Oct, Nov or Dec and you are not going to be able to get another for a time you can use).
I'm with the others who say too bad for the renter and unless they can find a renter for the reservation, they are stuck. You keep the money.