DHAST

Me three.

I'd value 2 Hyatt at 1 SPG. If one values a Hyatt point at 1.6 cpp, I'm very comfortable valuing SPG at 3.2 cpp. That's on the high side, I know, but I won't even think about redeeming SPG points for less than 3 cpp. I try to get at least 4 cpp.

Hyatt's valuation is rather U shaped. Their best redemptions are either at the low end or high end. At the top, the most you will ever pay is 22,000 points per night. At top end Park Hyatts, this is a steal. At the bottom end, base rooms start at 5,000 points. On a room that normally goes for at least $100, that's pretty good.

SPG's valuations are best at the mid to low end at suck at the high end. It's hard to get good value at Cat 6 & 7 properties, where Hyatt and Hilton both shine.

I don't know if this is luck or not, but I've found two places where I really like Hyatt's points offering. I was in Cincinnati a couple of weeks ago, and the only thing left is the Category 4 Westin. If they're not offering C&P, I don't want to stay. Hyatt had a Hyatt Place in Blue Ashe for 5,000 points a night. Sold.

The other is Bali. Right now, all *W has is Category 5, 6, and 7 properties. Their Cat 5 properties aren't worth the points, and 6&7 are bad redemption values. Hyatt has the Bali Hyatt in Sanur (base room 5k/night, club room 7k/night, and Suite for 8k/night) and the Grand Hyatt in Nusa Dua. I'm not a fan of Nusa Dua in general. I think that the Bali Hyatt is the best points option of all of Hyatt, *W, and Hilton in Bali.

OTOH, *W kicks Hyatt's arse in BKK. *W has Category 1-6 options, where Hyatt has one hotel.