If you are RA, I would say the IC as you will get a nice suite and free mini-bar. Otherwise maybe the HI Santa Monica? Or the CP Beverly Hills. Neither are great properties, but they are in the right location. I've also stayed at the HIX's in West LA and Century City both of which are fine. And you get cinnamon rolls.

I should add that I've never used points in LA. I save those for Europe where you really get more bang for the buck.