If you do a lot of single night stays, it's not really that hard to get top tier in a few programs. I had top tier with IHG for a number of years, and for international locations it was quite worthwhile.

I'd never convert most hotel points to airline miles unless there is a big bonus. Luckily earlier this year Club Carlson had such a promo, so I transferred out most of my hotel points, just before they devalued such transfers.

Hyatt has a nice Diamond challenge, that is pretty easy to get, 12 nights in 60 days. You also get 4 suite upgrades. Traveling as I do, in Asia most of the year, Hyatt Diamond is great to have. They do have some good US properties, if you're looking for some top tier redemptions.