A more meaningful perk that wouldn't have costed them a lot would have been to upgraded the Cat4 free night for spending nothing to an any category free night after $10k spends. then it would be closer to what Chase Fairmont or Citi Hilton offer with spends.
If Hyatt want spends on the CC this news didn't do it.....
If anything it raised my awareness on how good the chase sapphire card is in the near term. Chase will out smart all the hotel/airline companies after all. Lure then away from Amex, devalue spg (2:1 instead of 1:1 for UA), and away from diners club... Now wait - the 'traditional travel' CC's will get used less, chase with get discounted point costs (much less that we can buy them at), and move to be like Amex MR once was.... Then my speculation is we will see devaluations in sapphire as well. Well ... after the other cards cease to exist. A good business strategy I guess. I just wish SPG still had Southwest as a redemption option, had UA 1:1, or ...... amex with .....