That's what we are led to believe but I would argue fuzzy math is at work behind the scenes at Hyatt with someone inflating above
the ADR or demand far above the rate of inflation
As just one of many examples San Francisco where ADR has been 149 to 200 per night in most of the solid 4 Star Hotels over the past 24 months.
Yet redemption rates are now 23k to 29k per night ?
Huh
The city is on its knees unlike anything I can remember except perhaps 9-11
I am redeeming for almost half of those rates outside of WOH at present and early in the year less than half
When you look at age & condition of hard product,closed restaurants and clubs on average more limited elite benefits grab & go stand on a line etc
I'm out for now
IMHO Hyatt is way out of whack & someone is smoking something in accounting likely the financial data.
As someone who has been a massive supporter of Hyatt overall for decades I have never seen anything
like the bomb they dropped on this programs value since I enrolled in 1994
Hyatt was the quality and value leader.
Now see them more than often as a basic commoditized product like every brand/program now with some special standout exceptions.
Typically look at price, quality standard and location now.
Especially as quality & variety of breakfast standards and benefits have slipped throughout the chain since the pandemic started .