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An interesting aspect of the Hilton Honors program are their Point Stretcher awards. This is a rotating list of properties whose award nights are discounted at 40%. So a 40,000 point hotel night would only be 24,000 if the property ran a Point Stretcher award. Even if you think Hilton has devalued their program in the past year, I think Point Stretchers are a pretty good deal for some properties.
The list of December 2010-May 2011 awards are listed here. There are hundred of Hilton, Conrad, Doubletree, Embassy Suites, Hampton Inn, Hilton Garden Inn and Homewood Suites properties available. If your vacation plans are flexible, planning during a Point Stretcher period can really increase the value of your HHonors points.
Tip of the hat to Ric at Loyalty Traveler for help with this post