I just redeemed 2 free nights at the Andaz Amsterdam for 40,000 UR points for a trip to Europe next month. The retail value of these 2 nights was ~$850, so I valued the redemption at ~2.2 cents which I feel is average for Hyatt points. I probably would not have redeemed for anything less than 2 cents.

However, you can also redeem 60,000 for 2 nights at the Park Hyatt Vendome which, depending on when you book, can be worth up to 3.5 cents. But the tricky part is finding availability that suits your schedule. In my case I opted to use my 2 free nights from the Hyatt CC at the Park Hyatt Vendome (~$1600 value at the time of booking) on the same trip instead.

So from what I see the value of Hyatt points can vary between from about 1.5-3.5 cents. It makes sense to crunch the numbers, check availability (most important when booking Hyatt redemptions, as they have limited award rooms at properties) and try to get a return of at least 2 cents per point.

Based on your numbers, you would be getting a return of ~1.6 cents per Hyatt point, which in my opinion, would be a less than optimal use of those Ultimate Rewards.