@osaka wino. Thank you for the specifics. Here are the exact terms from my confirmation email if anyone else is interested.
“CANCELLATION POLICY:
TO AVOID 1 NIGHT FEE CANCEL 7 DAYS PRIOR TO ARRIVAL
Effective January 1, 2018, reservations confirmed or changed by World of Hyatt Explorist or Globalist members can be cancelled up to 24 hours before the hotel check-in time when the hotel's cancellation period stated above is not more than 48 hours. This 24-hour cancellation period benefit is not valid for stays at Hyatt Residence Club or Miraval resorts. It also does not apply: (i) to prepaid or non-refundable rates; (ii) when the cancellation period stated above is more than 48 hours; or (iii) for reservations booked at corporate negotiated or group contract rates. This benefit is based on a member's tier status at the time of cancellation. The hotel check-in time is stated above, and the cancellation windows are based on the hotel's local time.
Changes to the dates of stay, number of guests per room or number of rooms confirmed will be subject to current pricing which may be different than previously confirmed rates. Taxes and fees are subject to change based on dates of stay and local jurisdiction.
Earning World of Hyatt points and tier credit is subject to World of Hyatt complete Terms and Conditions.”