I am a bit late to the party here because I only dabble in Hyatt and thus don't check the boards too often. That the property is leaving the chain is unfortunate to see but probably not surprising. It was always an outsize value for redemptions and likely became a dumping ground for points / certificate use. Being a Cat 4 when retail rates were pushing $400+ they must have been leaving a lot of margin on the table. Charlottesville's upmarket hotel segment is woefully underserved, and most of the travel is leisure /event driven (parents, weddings, wine) so the loyalty network element probably isn't that much of a factor for driving big dollar business.
I'll be curious to see across the board if we see a growing trend of more chain properties going independent in general in the coming years, as business travel (and thus the number of travelers locked into loyalty networks) normalizes to a lower level than 2019. The increased number of free agents is likely to change the calculate for a lot of these leisure-heavy markets, I'd think.