JM1248 - No question the SPG points are worth substantially more in my opinion as well. And, one more important point to factor in (to me at least) -
If I book (5) nights at the Le Meridian for 19,000 points vs. (5) nights at the Park Hyatt for 75,000 points, I get one additional very important "extra" - I get 5 nights towards achieving my Platinum status at SPG for 2016, while at Hyatt I got 0 nights towards my Diamond status for spending those 75,000 points. This is huge I believe and why I mentioned previously that I will likely be losing my top status at Hyatt in 2016. I spent a lot of points in 2015 at Hyatt and earned no night credits towards my status in using those points. SPG recognizes those nights on points as stay nights towards my status. I sure hope Hyatt changes it policy soon on not recognizing the nights spent on points as nights in their hotel towards status. In the meantime, with no disrespect intended towards Hyatt, SPG gets 90+% of my business.