I get maximum bang for the buck by transferring Chase points to Hyatt. Even with the "subsidization" on the Sapphire Reserve card with all hotel bookings through their hotel portal Booking.com I still do much better off with the transfer to Hyatt. Just yesterday I was checking for a trip to Amman Jordan in March with stay at the Hyatt Regency a regular room was just 8000 points, club floor 12000 and premium suite for just 16,000 points. You just can't beat that.