If a card has the ability to use points for cash or useful gift cards (e.g. Walmart or Home Depot, not things like restaurants), I tend to use those for cash/GCs, even if the points are "worth more" when used for travel. So with the Chase Ink, I'd just cash out $700 in cold hard cash. Important to note: for the gift cards, I'll really only get something where I would have been spending money anyways. I needed to put in insulation, so my AmEx Membership Rewards points went towards Home Depot gift cards to use for this, making my insulation project nearly free!
Then, for my travel, I use points I get from co-branded cards, like the Marriott card in your example, or something like the Citi American Airlines card. We don't travel enough to really burn through points quickly, so these are usually more than sufficient.
One somewhat odd case is something like the Barclay Arrival card - you can redeem 2,500 points for $25 in travel statement credits or $12.50 cash. In this case, I'd go with the travel credits, which I feel like somewhat goes against my first example, but twice the value is pretty hard to pass up.