I am surprised nobody suggests IHG properties?

The 80K PC card could get you 160K PC pts if both of you apply. It is worth it to swap a card with Chase in order to get the PC cards since the 80K is after 1st purchase, give you a PLAT status (not a lot but still may help occasionally) and 10% rebate on your point redemption. On top of that, you can use points + cash to stretch your points.

There are some quite acceptable IHG properties in London such as the Crowne Plaza at St. James Park, or even the HI at Mayfair, not to mention the IC at Park Lane. All are good for the tourist thing. You can also stay in the City.

Haven't looked at MUC but I feel you may find IHG properties there as well.