Pass.
I recently redeemed all my GP points before the devaluation. I thought about converting them to paid nights for this promotion, but with the new reward charts, I actually would lose points by doing so.
And the free nights can only be redeemed for categories 1-4? Those hotels are usually not very expensive to begin with.
I'm sure this is great for FT that already would have stayed with Hyatt for business purposes, so extra bonus points for them. But I am not going out of my way for this promotion.