But what if what they're learning is that they can hit their revenue and profit targets without those lucrative promos?

They have plenty of experience with the impact these promos have on bookings, revenue and profit. If they see that they can reach solid numbers without virtually giving away stays at their high end properties and impacting their margins, they're not going to do it without a compelling reason (such as a temporary market-share strategy, which is what we may have seen last year).

I'm not saying this is necessarily the case this year and that there isn't going to be a good promo. It's just that Hyatt is now a public company and in my experience, at well-run public companies, this is how such decisions are made.