Yes, but you would lose a chunk of value along the way.

SPG is the only program that would not lose value, actually add a 25% bonus when transferred at 20K per increment.

All other hotel programs that are feasible would make you lose a great deal of value comparing to use the pts for hotel stays, especially if you have the Club Carlson credit card and can use the 2-4-1 free reward night benefit. Even the greatly devalued HHonor pts would still make you lose value when transferring the pts to airline miles.