This is a great debate. I have never been to PHV and don't think I've even been to the street it's on. But after looking at many pictures, reading various reviews, and investigating the area on google satellite, Osaka is really confirming some of my concerns. Or at least echoing the question that has been running through my head -- it looks fine but 750 euros a night for a 25 sqm room in a nondescript midblock building on a street with little but shopping that can be found in most big cities? That must be some breakfast.

Last time in Paris we stayed at the hotel du louvre, long before it became a Hyatt and apparently before it got run down. But that felt like Paris. Beautiful old stand-alone building in a quintessential Paris square. We could see into the Louvre from our room. For a points stay, it's only a 4k difference per night, and the HdL recent reviews scare me away. But for the things we value, wouldbe hard pessed to consider paying a 400 euro per night premium for the PHV. I do think there must be something to the notion that it's exclusivity is reinforced by the fact that it prices itself as exclusive. That plus the 2 night free Hyatt credit card giving referral bonuses to the bloggers makes this sort of aspirational property, nightly rate wise, worth mentioning to say the free nights are worth up to $2k or whatever.