Received an e-mail today, that the opening is postponed. 3 Options were offered.
1) cancellation and refund of pre-paid rate
2) move to the PH Zurich, same rate + 20k points
3) other airport hotel, same rate + 20k points

we opted for 2) - current going rate at the PH is 656$, that is 3x more than I need to pay. pretty good deal.
Rate information on new reservation shows a rate override with "Mgt Discount"