Best bets are Hyatt and SPG -
Here's the Hyatt side:
4 guaranteed suite upgrades for up to 7 nights each per year will save you a bundle. free breakfast and internet, decent to very good lounges at Regency, Grand and Park Hyatt locations. Kauai property for Hawaii is wonderful in a suite (buy-in at AAA rate of $200-300/night in shoulder season and use upgrade). Edge in Paris to Park Hyatt Place Vendome over either the Westin Paris or Prince de Galles. Hyatt tends to have the best promotions program of any major chain, and there are some real bargains to be had on their awards chart (No changes since '03). Hyatt Vacation properties are also bookable with points. No credit card means no competition for award rooms from straight spenders. As stated above, fewer locations can be an issue.