I've just booked 4 nights for 160k points, next march (2021)! And it was the very last room available. Few things to remember when booking, from my experience:
- Only 4 rooms: 3 junior suites and a master suite. Points book into a junior suite. No elite benefits there.
- 3 nights stay minimum. If you're trying to book for 1 or 2 nights, that's why you can't get through.
- obvisouly, very limited availability. again, I just booked the last room available for 4 nights a year from now, that's crazy.
- availability opens on the first of the month for the full month a year from now. So this April 1st 2020, all of april 2021 will open up
- hotel website search engine is your best tool, it shows availability very clearly https://www.calala-island.com/#book_suite
- For my dates, junior suites were $2800 so I don't think point availability depends on the price.

Hyatt clearly states a booking on point is exactly the same as with cash, truly all inclusive. It includes transfer from Managua, on one of two daily La Costena flights to Bluefields, then a boat ride.
I've exchanged a few messages with the hotel, and they are open to arrangements if you want to stay in Bluefields, or say, the corn islands. they can book your flight transfer on the day of your choice, which is great.

That being said, just like you, I'm very curious to know what the hotel is truly like. I mean: 4 rooms only, almost $10k for a 3 nights stay, it should be the most luxurious stay ever.
Are there really no FTer around here who've been there?