To me, loyalty programs are less about points, and more about status/benefits.
Free breakfast, free wifi, maybe waived paking fees, waived resort fees can outweigh the cost of a free night.
Breakfast can be a ridiculous cost at a hotel (sometimes 40$ per person), wifi is usually 10-15 dollars at full service properties, parking can be $20 or $100 (though you normally wont get it waived in a metro area where it's an exorbitant cost, so we'll say $20 for something like a hotel near disney), and resort fees can be $20-$30 a night.
Figure, one day if you have status, and get all of these for free
40
15
20
30
____________
$105 per day you can be saving on the first night (then dump internet from the cost) and you're left with $90 a day in savings 
(if you're staying in a resort)
Moral of the story...loyalty programs are about more than points.
@jsucool76 wrote:To me, loyalty programs are less about points, and more about status/benefits.
Free breakfast, free wifi, maybe waived paking fees, waived resort fees can outweigh the cost of a free night.
Breakfast can be a ridiculous cost at a hotel (sometimes 40$ per person), wifi is usually 10-15 dollars at full service properties, parking can be $20 or $100 (though you normally wont get it waived in a metro area where it's an exorbitant cost, so we'll say $20 for something like a hotel near disney), and resort fees can be $20-$30 a night.
Figure, one day if you have status, and get all of these for free
40
15
20
30
____________
$105 per day you can be saving on the first night (then dump internet from the cost) and you're left with $90 a day in savings
Moral of the story...loyalty programs are about more than points.
I don't know what status allows all these benefits, but Marriott's Silver status hardly netted me anything. Not a single place I stayed at waived the parking fees, and the places where I got free breakfast advertised free breakfast for all guests. Same with free wifi. Yes I know that all Marriot properties now give free wifi to loyalty members, but the point is so many properties give them to everyone that it's hardly an added value. As for resort fees, you are double counting several of the others in those cases. In many cases wifi and parking are included in a resort fee, and many chains only waive resort fees for award stays.
I don't know of a program that offers all, but most programs offer some of these. Hilton Gold (included with Surpass or Hhonors Reserve) includes free breakfast and wi-fi. Hyatt card (Platinum) includes wi-fi and award stays don't charge resort fees, for example.
In my personal opinion (strictly from a rewards perspective anyway), I would consolidate spending to two-ish chains. Although you can certainly accrue enough points on all five every year to keep the account open, it will decrease your options for redemption at each place. Also keep in mind that time is money with ALL loyalty progams as it's not a matter of if it will get devalued, but when. So merely keeping an account active by occasional spending might not be worth it.
