Since us antipodeans cannot get Marriot/Hilton high status with Credit cards then IHG (and Accor) work best for me since you can buy your way to status with points purchase on stays, or signature membership for Accor.
Last year I stayed 30 plus 10 night’s credit from IHG deals nights in Japan and earned Diamond plus a lounge pass. This year I have 30 days in Europe mostly across InterContinental’s to hopefully use my suite upgrades and enjoy lounge access and will earn Diamond again.
The costs for 5,000 points ranged from $USD 15, 20,23,28,30 the only ones I did not buy were Berlin and Vienna at $48/5000. I am very happy with IHG but do not have high hopes to get outsized value from the points.
Also worth noting is the Visa 20% discount which I used several times in Europe getting pretty much the same rate as the non-cancellable rate but with the ability to cancel/change up to 3 days before stay. That alone probably saved me $USD 1000
Even Accor helped me along, I used my suite night at Prague Mgallery for a 82m2 suite for about $850 which is usually $2100 for the 2 days. Otherwise since Accor platinum does not have free breakfast in Europe they missed out on my business unless they were a better option to IHG