No, it's not even. Any calculations require assumptions, feel free to disagree with my assumptions. If someone needs to do 5 nights, as indicated by the OP, then it could well be using VIP 5 nights at Cat 7 instead, slightly more expensive than AXON on a per night basis but still a lot less than 50K/night. Given the OP has Marriott Platinum (a known information given in post #1) and given the current Hilton Status Match policy, he will at least get matched into Hilton VIP Gold or assuming a worse case scenario, at least to Silver VIP, (which is inconceivable they will treat him so badly), he will be able to use the VIP discount without a doubt.

To be more specific, the cost of buying enough Hyatt points for 5 nights is $1,106 whereas the cost of buying enough Hilton points is as follows:

1) AXON 4 nights + 1 night using Point & Money for 170,000 points + $85 = $915 (including the cash portion of the one night award)
2) AXON 4 night + 1 standard award night for 195,00 points = $952
3) VIP 5 nights at Category 7 for 200,000 points = $976

The difference is quite obvious no matter how you slice it and I calculated using all 3 options and one without the need to apply for any credit card and it's still a good 13% cheaper even under scenario #3. And if the OP would be willing to apply and a HH AMEX, which doesn't have an annual fee and not a very difficult thing to do, the saving would be 21% in the case of his 5 nights stay, under scenario #1, from May 31 - June 5. I think it's harder to get to Maldives than to be denied on a HH AMEX application - anyone who has the profile to be able to afford Maldives most likely can afford to apply for just the basic HH AMEX card. And the OP specifically mentioned credit card sign up bonus as an option, suggesting he can and willing to apply for new cards.

As for your suggestion to convert AA miles into Hilton points, I thought that was only recommendable unless the OP is desperate because the transfer ratio is quite awful. Plus, given the information on post #1, if the OP spends most of his AA miles on the AA->Hilton conversion, which he will have to, how is he going to get to Maldvies? Swimming? Or shelling out another few grands for a paid ticket to Maldives? Airfare to Maldives are quite expensive.