If by chance you’re a (snow) skier, it’s a no brainer to transfer to Hyatt. Hyatt has several properties at popular ski resorts including Vail, Park City and Keystone. 200K is enough for 6-8 nights at Grand Hyatt Vail in the middle of ski season, easily worth $700-$1200 per night or $0.03-0.04 per point OR 10-12 nights at Hyatt Place Park City during ski season worth ~$300-$400 per night.

(FWIW, same is almost true for Hilton at Whistler, Breckenridge, Park City and Vail. “Almost” because Hilton redemptions just never seem to be as valuable (points per $) as Hyatt awards.)