Do you have the Hyatt credit card? It will get you 2 nights at any hyatt any category in the first year. suite nights if you have status.

If you aren't going to Paris, Tokyo or NYC (or for that matter Maldives) this year, why not try to use them at the PH in Chicago?

At any rate, the UR points being transferrable to Hyatt is one of the benefits of that program. Between you and your wife you should be able to both get 2 x 100k if you both get the 50k points for the Saphire Preferred personal and Ink Bold business cards.

The UR program is pretty good. As I'm sure you've noticed, there's lots of spending that gets you 2x points, especially the liberally defined "travel" category and the "dining" category.

I think the valuation is your call. It seems low for this. Compare that to using 22k points or a free credit card night at the PH Tokyo for example, where standard non-prepaid room rates usually start at > $500 per night. But it's not a terrible redemption either if it saves you the cash. That said, I have not read the master thread for this property to see what people are saying about it. Is it aspirational or just average? If it's not aspirational, I would find a better place to redeem for a cat 6 award.

-David