There’s an incredible redemption opportunity at Calala Island which is an SLH Hotel property in Nicaragua. Through Hyatt’s alliance with SLH you can redeem 40,000 Hyatt points per night there.
That’s a lot of points, however it goes from $2300 and up per night with cash; it’s all-inclusive, including flight and boat to and from the Managua airport and not just meals but alcoholic beverages too; and there are just 4 rooms on the private island, 3 of which are redeemable with points.