Hong Kong is one of the locations to stay on awards. Probably the most expensive city in Asia. There are some reasonable value (for $150 or below) in areas outside where the western tourists would even know, not to mention visit. With the MTR and a small city, no where is too far - 30min on MTR is probably the longest one would need. Therefore I am not too hang up on Hong Kong's pt level because there are reasonable substitutes. London and Paris though, are much harder to find good substitutes.

Conrad Hong Kong location is very good, hotel OK, lounge way too small and mediocre F&B offerings. JWM across the square has a much much better lounge, slightly smaller room but much more high tech features in room. The telephone console is 10 times better than the very outdated one at Conrad. If you have Marriott Gold, I say get the Marriott pts and use the stay 4 and 5th free benefit to stay at JWM next time.
Shangri-La the hotel next door to Conrad is owned by same owner - that one is a true luxury hotel, not the Conrad. But for "free stays" we FTers would take Conrad any day.
Or, IC at the waterfront - hotel is probably 50 years old hence the rooms are much larger. The free annual cert and 45K pts while construction is going on, would be the place to redeem.