We did Hilton ADT Paris this summer, a VIP 7-nighter 205,000 award, which nearly wiped out our HH points completely. 2 elements:

1. Going room rate for the room we got for the nights we got was 425 Euro (over $600 USD including taxes). And we got free full-run breakfast for 4 (which they charge 30Euro per person if it's not given free). So per night nearly $700 USD of value, or $5K total we got for absolutely free.
2. It's Paris. Nothing else needs to be said on that count.

There might be an even better use of the award somewhere out there in terms of exotic location or cost avoidance. But for maxing the use of points in lieu of dollars, and in a highly desirable location, I was very pleased with our decision.