I actually spoke with an Aeroplan rep at AC's reception during SMD3 about this very topic. Specifically, whether they would entertain speaking to hotel chains or properties about opening up redemption at a good value when the hotel is short on bookings, or, running "specials" on redemptions for hotels.

The rep (and I can't remember his name, but he was refreshingly frank) admitted that the hotel redemption value on Aeroplan was quite poor, and he was certainly interested in ways to make it more appealing. Of course, it would appear that nothing has happened on that front - but one can hope.

It was an interesting evening, for sure