Whether for business or on my own dime, I try to get the cheapest fare I can get...while keeping as much of my miles on CO (to achieve top tier) as I can. I've only used CO miles to upgrade internationally or on a rare occasion, domestically (when I know my upgrade odds are slim to none). That said, I did transfer a significant amount of *wood points to QF enabling me to take 3 or 4 free r/t on Concorde/BA FC. Which brings me to hotel points, aside from what I did with the QF transfer, I never have a need to use those points, so they just keep accumulating. My trips are generally only one or two days & most on business with my company paying. For my own vacations, which are also a maximum of 2 or 3 days, I'll pay for my hotel-- generally staying in a different property each night (to maximize nights/stays), and use my elite status with those hotels for upgrades & better treatment.
So, contarary to many on these posts, my hotel points are the ones languishing in my accounts.