Thanks for the great answers.

In the past I did usually go for independent hotels when traveling abroad, just because of the cost part. But I figure I can still do that while spending some nights at chains where it makes sense.

I also agree that I should diversify and not stick with just one single program. Since I already have Hilton Gold, perhaps it makes sense to go for Hilton and one other one (Marriott, SPG, Hyatt, or PC).

Starting off this year, I need to go to Austin for a weekend in March. For 3/22-24 I see $277/night rate at Hyatt Regency (and they'll be running the new promo soon for 4,000 points after 4 nights + 1,000 points for Hyatt cardholders). Hilton Austin is $201 and Garden Inn is $152 (and Hilton is running a couple of promos - 7,000 points for 2-night weekend stay and 33% off Any Weekend, Anywhere). I can get a $219 rate at W Austin through FoundersCard (and Starwood is doing the double points for 2-night stay promo). Marriott's Residence Inn is $184 (and Marriott is doing the Stay twice, earn a free night MegaBonus). And finally, Intercontinental Stephen F. Austin is $234 (and PC has a couple of promos for double the points every stay and 5,000 points after 3 stays).

So hard to choose..