My favorite hotel rewards program is still Hyatt, as they are the least diluted program with the most valuable points. I can almost always get at close to 2 cents per point value, often a lot more. In addition to earning Hyatt points through stays or their co-branded credit card, you can transfer Ultimate Rewards points (including the Chase Sapphire line of cards) and Bilt Rewards points to Hyatt at a 1:1: ratio.
Hyatt just introduced their “Points Calendar” tool which makes it much easier for you to find award nights to use your points. Let’s take the Hyatt Place Waikiki Beach in Honolulu, Hawaii. I just looked for a close-in date and the cash cost after all taxes would be $320 a night for the cheapest Member’s Rate, plus a “daily destination fee” of $38 per night. So that’s $358 a night, or 18,000 points per night, for a value of 2 cents per point. Hyatt award nights include all taxes/fees and also waive daily resort-type fees.
Tip: Hyatt Place Waikiki Beach is also Category 4, which means you can use your Cat 1-4 Free Night Awards at this hotel as well. Pretty solid deal to get ~$360 of value out of a free night certificate.
When you pick the hotel, you’ll have to look for the “Points Calendar” icon:

Now you can see which days are available to book with points without having to check every night or span of nights separately. This is the calendar for August, which is literally days away and during peak season, so I wouldn’t expect it to be completely open. With this tool, you can quickly see exactly which nights you can use your Hyatt points or Free Night Awards. A long-awaited improvement.

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Thanks for posting this! I didn’t realize that Hyatt finally released a calendar showing reward availability. I always had difficulty finding availability at Oahu Hyatts. This was particularly true at the Centric when it was still a category 4. We recently used one of our annual nights at the Hyatt Place and the experience was better than a few years back during the Hapalua when the guests next door were having a party in their room.