My guess is that this oddity relates to brand standards. The owner wanted a Hyatt franchise but only wanted to meet the brand standards in certain categories (likely guest rooms) for Hyatt Place. But, they wanted to add additional components to the hotel because they believe they will be profitable.

Since Hyatt will get a cut of the profits for those "extra" components, I imagine that the request for an exception to the normal nomenclature was approved rather quickly.

If you a property that over-delivers when compared to other hotels in a brand, it's probably smart to have a non-standard name. Doing that makes direct comparisons less likely with the general public.