Maximizing Points Basics
Typically for hotels (notably Hyatt) effective availability is easier to come by than planes since hotels often are still in award charts or dynamic pricing within a certain range.
Points to Use When $ Costs For Flights Are Already Low:
When $ costs are low, those airlines that are not in a standard award chart can be even better, such as Jet Blue and SouthWest, although in many cases it would be better to use $ for those flights so that you can get more value out of other points when prices are high as long as you don't have SouthWest & JetBlue points available that need burning.
Maximizing a Transfer:
In order to maximize transfers, it's often best when receiving miles from a donor who has a transferable points currency like Capital One Miles, Brex, Citi Thank You Rewards, or Amex Membership Rewards (excluding Marriott & most transferable hotel points) to get more miles or points than you would otherwise by a transfer during a transfer promo period. When considering a promo transfer, it's not always a good idea, as you can see from the valuation of the miles with the transfer promo.
In addition to transfer promos, there are sometimes promotions for the miles type itself. Avianca Lifemiles & Flying Blue miles routinely run promotions where miles can go further. Keep in mind though that sometimes these promos carry heavier restrictions and offer no cancellations.
There are also some cases when buying miles/points makes sense during promo periods. First make sure that the promo is one where the value exceeds the Points Guy Valuations (many miles/points are available, though some aren't) then as a ministry, check to see if you could get outsized value for that purchase.