I thought I read that you could gift the FFNs, but I was wrong. I have edited my posting on the Starwood forum to correct my mistake.
The terms and conditions do say that you can transfer "awards", so I just assumed that a FFN is a gold passport award.
The text is below:
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">• Award Transferability - Platinum and Diamond members and qualified Meeting Dividends participants can transfer Gold Passport Awards. Choose this option for a great gift idea or an easier way to plan a vacation with family and friends. To transfer an award, call 1-800-30 HYATT or your nearest Hyatt Worldwide Reservation Centre.
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Upon inspection of the FFN terms and conditions it does say:
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Faster Free Nights Award(s) can only be redeemed between June 15 and October 31, 2003 and are not transferable.
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I think I assumed that the Platinum and Diamond Award Transferability overruled this.