Peak pricing will impact how much in total per quarter Hyatt will have to outlay to hotels for award nights consumed and what award night collectively will cost Hyatt on a per point redeemed basis. And distribution of award nights are not equal on each and every night of the year. Nor is occupancy, with occupancy being a major factor in what Hyatt has to outlay for award nights consumed by its program members.

The "CC award promo" was applicable to what percentage of Hyatt program members? 5% of Hyatt's program members during that "CC award promo"? And the rebated points were funded by ____? The former is a figure that is with whichever Chase employees are managing the relationship for the Chase Hyatt card portfolio, but these kind of figures don't stay only there.

Hyatt seems poised to be increasing "breakage" in customer accounts -- and changing expiry is not the only way that its done, although that is a part of it too.

"Pushing redemptions to low occupancy properties" is what Hyatt's change to a multi-tier pricing system for each property will tend to do. And that too is how Hyatt's costs for redeemed points get reduced.