Offer is correct - but the Platinum status doesn't really get you much (other than free Internet) and while the initial signup bonus of 2 free nights is applicable at any Hyatt in the world (including Paris), the annual free night is only up to category 4 (which has some decent properties but not the top properties in the chain).
http://www.flyertalk.com/forum/hyatt...ard-chase.html is a more complete discussion of the card itself - this thread is mainly discussing the card "improvements" recently announced.