If someone rarely books a suite then indeed 137P being an all-suites property then it's unlikely to be a good fit. However as Kacee mentioned, if you book a suite at WA, StR, PH, etc. then I do not think 137P pricing is out of line for the market. Yes you could book the entry level room at GH/PH and use a suite upgrade, but Hyatt is the program which is more the exception than the rule in that the suite upgrade is confirmed at time of booking, whereas at SGS it would not. In addition at PH you will end up in the standard suite, whereas 137P has shown willingness to upgrade too, so you end up in a premium suite rather than a standard suite. Last but not least given how small 137P is and how many butlers are there, as much as PH has improved service recently you cannot get as personal service there as 137P, not even close. And if you stay at PH when the hotel is quite full then you end up in crowded places, the pool, restaurant, etc. At 137P the exclusivity has a price I guess.

Regarding the comparison with PH Tokyo, I am often reluctant to compare hotels in different cities, but for what it's worth yes I agree with you that 30k at PH Tokyo is probably a better use of points than 25k at 137P. However once again it's not entirely an apples to apples comparison, as much as I like PH Tokyo, for that price you don't have a guaranteed suite and the service level is not on par with 137P either due to staff count relative to guest count. Breakfast is significantly inferior at PHT vs 137P as well, due to its lack of extensive a la carte menu and no bubbly.