Christmas is an Event Week in Hawaii
The back cover of the 2009 Club Member Guide reveals that Christmas in Hawaii is an event week. Event weeks are discussed on page 140 in the manual. "Members who own a designated fixed or event week shall automatically have their week reserved annually." Event weeks are defined on page 32 of the manual. "EVENT WEEK - a period of seven consecutive nights, during specific peak travel times, when Club Members woning intervals dring these times have guaranteed reservation priviliges." If the owner of an event week contacts HGVC to relinquish that week you might be able to book the reservation. Christmas at the Bay Club will be found on page 102 of the manual and is listed as Platinum season.
I assume you do not own an event week. However, if you have your heart set on the Big Island for Christmas 2009, you may redeem six days at Hilton Waikoloa Village for 175,000 HHonors points. There are no blackout dates in HHonors. I think that HHonors will be your best option at this point in time. I have been to Hilton Waikoloa Village and it is absolutely wonderful.