I was looking for a hotel at Niagara Falls, CA during this past July-August. Marriott wanted 50,000 points/night for a half decent room. (So did Hilton, Embassy and Crowne Plaza). Most of these rooms were available for around $199-$250 night.
SPG was the only program offering a decent room for 13k/night at the Sheraton. (There is no Hyatt on the falls, so I couldn't say what they would want.)