I have been working on a comparative analysis of the programs for Hilton, Hyatt, Intercontinental, Marriott, and Starwood.

There are too many variables in the hotel loyalty programs to really develop an objective comparison. The bottom line is that I think it is really a snapshot look to evaluate the programs at any particular time. It all depends on the promotions offered at the moment. Promotions can set any of the 5 programs ahead of the others.

For example, right now Hyatt comes out dead last in my recent analysis, but that is simply because they don't currently have an online booking bonus and the Free Nights promo has ended. Last month it would have been overwhelmingly on top.

Trends I see(based on several tables I have created to compare the programs):
Go for top status in any program and you are a winner. The value received by a top tier elite is much more than lower level members. For example a Starwood Platinum on one night stays with $100 in charges would need 20 stays for a Category 6 high season 25,000 point hotel award, whereas a SPG Gold would need 32 stays to accumulate the same number of points. Compare this to a Priority Club Gold who can earn an Intercontinental 30,000 point award with 15 stays or a Platinum with 12 stays.

One of the analyses I did was to assume top-tier status in each program and assume single night stays with $100 in point earning charges and an online booking bonus:
At top-tier Platinum or mid-tier Gold Starwood is unbeatable for their low category properties compared to the others. A member can earn a free night for every 3 to 4 stays vs. 8 stays at Hilton, 12 stays Hyatt (doesn't consider a booking bonus), 4 to 5 stays Marriott, and 6 stays with Priority Club.

For top level properties Priority Club comes out on top with 12 stays for a free IC night vs. about 16 stays for Hilton, Starwood, and Marriott.

For a mid-tier elite, Priority Club comes out on top especially since you can buy gold status for $50 vs Marriott which also shows good value, but requires 50 nights for status.

Hilton still has the advantage of allowing airline miles transfers.

Hyatt has the most generous promotions with their FFN, but without that promo they don't fare that well in a head to head comparison.

If you are not top-tier with Starwood and you want to stay at high end properties, then they fare the worst in my comparisons.

With no status, then Marriott and Intercontinental's Priority Club fare the best for getting awards with the least amount of money spent.

To reitierate, these trends are based on multiple one night stays. The majority of points are due to booking bonuses per stay common for online reservations and for Starwood and Marriott assume a 500 point platinum amenity gift.

If your travel pattern is for multiple nights at a property then these comparisons won't necessarily be valid.

Bottom line: If you have 25 or more stays in a year then go for top elite with Hilton, Hyatt, or Starwood. If you stay multiple nights then Priority Club or Mariott might be a good choice. If you have loads of AA miles then Hilton is your best bet.

It really depends on your travel pattern.