As someone who travels for work 100% of the time (lots of points) who can only rarely splurge at places like Trisara, Aman, and Four Seasons, here are my favorite places to spend points (other than what is listed above, as I agree with many places on the list already):

Marriott
- Ritz Carlton Bachelor Gulch (single best place in my opinion to spend Marriott points)
- The Grosvenor House, London (thought it was great value and liked the locaiton)

SPG
- Danieli/Gritti Palace in Venice (prefer Griti, but Danieli was great for the points)
- St. Regis Punta Mita
- St. Regis Deer Valley
- The Blue Palace
- The Phoenician (whatever their small hotel-within-a-hotel is call is quite nice)
- I'm going to miss being able to stay at the Pulitzer in Amsterdam on points.


Hilton
- Waldorf Astoria Chicago
- The Boulders in Scottsdale
- I very much miss when Conrad managed the Mount Juliet in Ireland, where I was able to spend 40K points/nt on a 2 bedroom Rose Garden Suite. One of the most peaceful hotels I've been to, though I hear it's gone downhill after Hilton got rid of it...