You can play either chain roulette or priceline roulette. Many of the chains have poor locations, sometimes in the most touristy and overpriced neighborhoods. "Free breakfast" will only get you so far before you buy overpriced and often made-for-dumb-tourist food.
Outside of Asia, 5 star hotels aren't really 5 star. Example: the overpriced $1k hotel room at park hyatt Sydney is way overrated. Lots of Hong Kong or Tokyo 5 star properties would put park hyatt Sydney to shame.
With cash back, I can priceline or rent a studio or apartment that will keep my cost down while not sacrificing location.