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No. Instead you should say, "Bill's and my favorite place" or "favorite place for Bill and me".
Christopher's favorite place was the sea.
his favorite place to go is California
what is michelangelo favorite place to go and paint
Harry Houdini's favorite place was Hollywood.
Joe Jonas's favorite place to visit is California, and also his favorite fast food place to eat at is In and Out Burger.
My favorite is Wendy's.
His favorite place i think has to be in the bed with a girl. lol
We think that his favorite place to go is to be with Bella.
My Favorite Place to visit is Florida. It has the ocean and it is always hot.
My name is Laura. My favorite place is Canada.
The correct placement would be "locals' favorite place" as the apostrophe indicates possession by multiple locals.