The South Tower faces Bloor and the ROM. The South Tower will not, at this point, be renovated and may be converted into condo's or office space. It is unknown yet as the famous roof top bar is atop the South Tower.

Corporate wants to downsize the property to about 200 rooms and the hotel is currently at about 340 keys. Thus, the plans are to renovate the North tower.

From what I understand, yes, the new rooms are to be more Park Hyatt-ish but what that means in the context of Toronto I do not know. The Canucks were in house and thus occupied many of the rooms including the mock up.