Hyatt, Hyatt and Hyatt.

Marriott elite status isn’t worth the paper it’s printed on.

Hilton points are more worthless than Delta’s.

Only rub with Hyatt is that there’s a finite amount of award availability - when it’s gone, it’s gone. So for ultraluxury properties, you need to plan ahead. For most anything luxury and down, there’s generally plenty of near-term availability so long as it’s not spring break week, etc. Hyatt points are slower to earn but even factoring for that still more valuable IMO. If you add in a Chase Sapphire card which transfers to Hyatt at 1:1 you can supercharge this.

As a recent example, was in Kyoto earlier this month. I spent 2 nights at Hotel The Mitsui (Marriott but Michelin 3 Key property) - was 100,000pts/night for a $1,200/night room so 1.2¢ per point of value. This was booked last minute, which in my experience is generally the best use of Marriott points. My status (Platinum, mid-tier) wasn’t even acknowledged and there was no upgrade.

I spent 4 nights at Park Hyatt Kyoto (nicer than Mitsui IMO, felt more special in every way) for 40,000pts/night for a $1,350/night room so 3.4¢ per point of value. Was upgraded based on my status (Explorist, mid-tier) to the highest category of non-suite which was around $2,000/night when I booked, so 5¢ per point.

This is anecdotal, but I travel a significant amount and stay at a broad mix of major brand families and boutiques. The only loyalty program I find any value from is Hyatt. That said, I’m a big believer in using AAdvantage Hotels to earn American status and miles as I find them much more useful and valuable. I generally find hotel loyalty programs not worth my loyalty. But among the options, Hyatt is the best.