Hong Kong is a hit and miss - quite often you can get LNF in the higher end properties - which makes the 40k/night at JW not worth the 40K.
My best redemption so far:
DC area (VA) during mid week - 20K pt (cat 4 cert) for a full service hotel that worth $249+ tax
It was during Cherry Blossom Festival and I was so glad that I'm able to use award nights. I tried my best to score LNF but it was impossible.
If you need a room during trade fair, then the redemption value is super awesome. A FTer got a room in DUS Ren that was around 400e and he got it for 20k points!