I had same issue 2 weeks ago. Points and nights credited within 24 hours but there was no pending transaction on my Hyatt credit card. It took over a week before it showed up. I actually told wife maybe hotel comped my stay 😅

I was checking (normally I never would) because I never got the 10% off $250 USD promo on any Hyatt stay even though I had multiple over 250 and I waited 15 business days for several of them.

I ended up messaging chase and they said I did qualify and they would indeed process the $25 USD and to wait another 8-14 business days