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Iberia has released a ton of award space on flat-bed transatlantic business class routes between a couple of US gateways and Madrid, which could be great news if you picked up 90,000 Avios on the cheap a couple of months ago (See: Holy moly: Iberia is honoring it. 90K Avios now ~$260, and it’s for real). The availability is during the winter and into spring, which is relatively mild in much of Spain compared to New York and Chicago — and for 34K + ~$100-$140 each way from New York or Chicago to Madrid, it’s tough to complain.
- Tons of lie-flat business class space between New York or Chicago and Madrid on Iberia over the winter and into Spring 2019
I’m sure a lot of this space will get taken quickly, so I’ll suggest you see Monkey Miles and One Mile at a Time for examples and calendars. Lucky showed availability every day in March 2019, though some of that space is already gone. Note that taxes leaving Europe are higher than when departing the US and you can book one-ways on Iberia metal. You also have the option to sort of “buy back” some Avios by paying a higher cash co-pay, which makes this a really interesting deal if you’re a little short of what you need and/or just don’t mind paying ~1.72 to 2 cents per point to hold your points. See this example:
Depending on how cheaply you acquired your Avios, you may be willing to stretch them a bit with a cash co-pay (note: I have no idea how that is handled if you later cancel).
If you acquired Avios on the cheap in that crazy Iberia promotion, remember that you must use them by December 1st. This means you need to book by December 1st, but you can fly any time through the end of the booking calendar (though keep in mind that I would expect the Avios to be forfeited if you were to cancel any time after December 1st, so be careful with speculative bookings). It is easiest to find availability via American Airlines, but you’ll then want to book via Iberia.com.