fwiw, Virgin Atlantic devalued its points to Hilton points redemption a couple months back. It went from 1:2 to 1:1.5.
We went to the Moorea property under the Starwood banner and then under the Hilton banner. We loved it. We've also stayed at the Conrad Maldives and at the Hilton Bora Bora. We've had OWB at 2 of the 3 properties. There's something very special about sitting on your deck over the water, able to get in and out as you like. Points get you the base room, on land, and then you pay an up charge for the OWB.
And I agree that the Hyatt Maldives is exceptional value. We sent someone there on his honeymoon. There's an up charge from the basic suite to the OWB. I think it was $400/night at that time.