Thunderroad

As far as I know, there's no perfect HH place in view of your criteria. But here are some wonderful hotels worth considering, including some quick pros and cons. We've been to all of them except the Conrad Koh Samui, which we're planning on getting to this February.

I fully share your concern about costs and desire to try great local places to eat. For what it's worth, keep in mind that as an HH Diamond you'll get free breakfasts which if you eat late in the morning should mean you'd just need one other big meal per day. If you bring snacks and alcohol with you to the hotels, you'll save even more. It helps that my wife is not a big eater and that I'm less of a glutton than usual when in tropical climes, but taking these factors and steps into account we usually get by spending about $100 or so for food per day even in the more expensive locations we've been to, often by ordering room service not just for the cheaper price than the hotel restaurants but also because dining alone on our deck/patio is about as romantic as a meal can get anyway.

For more info about any of these, check out the threads here in the HH FT forum and the reviews at Tripadvisor.com.

Conrad Koh Samui. Yep, not much of a beach though it does have a platform from which you can get into the sea. Lots of quick access to nice nearby beaches and relatively cheap eating if you rent a car, which I understand is inexpensive. The closest places to eat (a couple of hotels on either side of the Conrad, though apparently tough to reach on foot) might be about the same as the Caribbean, perhaps a bit less. Beyond that, the food would get a lot cheaper. Also, fairly cheap massages at those two hotels, at least compared to the Conrad and Caribbean resorts. I believe that one or both hotels and one or more other nearby restaurants will come and pick you up for a fairly low price if you book a massage or meal there.

Conrad Bali. Wonderful suites section (like a hotel within a hotel) that as a Diamond you'd at least have access to and might even get a room in. But again, unfortunately, a pretty mediocre beach. Some fairly inexpensive places to eat within walking distance or very cheap taxi ride away. Again, closest places to eat might be the same or a bit cheaper than the Caribbean. Going further away, much cheaper.

Labriz Seychelles. Wonderful beach, wonderful property, off on its own island which is a national park and which offers some great hiking opportunities if you're so inclined. But because it's off on its own, no cheap local eateries to explore. Also, the Seychelles are very far away from North America, if that's where you're based.

Northolme Seychelles. Not quite as nice as Labriz, but still a very good property. Just small inlets rather than beaches to hand out on, though easy access to good snorkeling. Perhaps a 20-minute walk (though it's a road you'd share with occasional traffic) or fairly cheap ($10?) taxi from a nearby town that has some restaurants probably about the same price or a bit more than the Caribbean.

Moorea (French Polynesia). A smallish beach but the waters are beautiful and great for snorkeling. And if you get an over-the-water villa/bungalow (OWB), you really don't need a beach anyway since you're dipping into the water right from your room. Booking with points, you'd have to pay for an upgrade to an OWB. Also, definitely more expensive than the Caribbean.

Bora Bora (also FP). Larger beach than Moorea (though again, not huge), but again if you're in an OWB that's irrelevant. About an extra $1,000 for a couple to get to as opposed to Moorea, since you'd have to book an internal flight as opposed to a simple ferry from Tahiti. And even more expensive than FP.

Overall, I'd say in terms of food quality Thailand takes the prize by far. Fresh, flavorful, sometimes spicy and varied cuisine. In terms of the tropical experience of beautiful waters to swim and snorkel in, the two FP places are fantastic though the beaches aren't that big. But for a beach person, Labriz takes the cake.