Despite the long distance from the MRT metro station I decided to stay here anyway for a few days as I got a low rate.
Some pros and cons below:

PROs

-This is a brand new hotel in a purpose built building so everything is fairly modern and new with walk-in showers, large in room safe, and mini fridge.

-"New Taipei Industrial Park" MRT metro station is the "closest" station (but not that close at all, see "cons" below) which links directly to the airport and Taipei main train station. The MRT yellow "circular line" also passes by this station. The 2 MRT station numbers are "A3" and "Y20".

-Rates can be as low as 3000 TWD per night with all taxes and service charges included.

-On the 19th floor there is a room called "the commons" where there is a kitchen, table with 6 seats, microwave, ice machine, and laundry facilities.

-The above mentioned room on the 19th floor has 3 washing machines, and 3 dryers. Price 100 TWD for washing. Liquid detergent provided free by the hotel. Machines only take 10 TWD coins, so get change at ground floor reception. Drying costs 10 TWD for 3 minutes. Calculate at least minimum of 15 mins for drying so, minimum 50 TWD for drying.

-Medium sized shopping mall called "Honhui Plaza" a 10 minute walk away with a supermarket in the basement level, and various restaurants either in the basement level or upper floors.

-Two different 7-11 (Seven Eleven) convenience stores in opposite directions both a 5 minute walk away.

-Quality of breakfast is pretty good. Price is reasonable. 400 TWD per person per day with all taxes included

-There is a fairy large outdoor swimming pool on the 3rd floor, but see "cons" below.


CONs

-This hotel really is in the middle of nowhere. It's in an area of Taipei with lots of very newly built residential high rises, and a few convenience stores. There's literally nothing to see within walking distance, and there's almost no restaurants or shops apart from a few convenience stores. Exception is the "Honhui Plaza" shopping mall which is a 10 minute walk away. You almost feel like a local resident staying in this area of the city.

-As already mentioned above the "New Taipei Industrial Park" MRT metro station is just too far away. Calculate 10 to 15 minutes walking at normal speed, and you will have to cross the enormous busy road. Yes, it is all flat walking to and from there (with no stairs along the way) but it gets tiring quickly, and on some sections the sidewalk can be quite narrow..

-Outdoor swimming pool on 3rd floor only has space for about 4 sun loungers. Also the pool is very shallow making swimming a bit difficult.

-Windows do NOT open for fresh air. No rooms with a balcony.

-Breakfast is not included, and must be paid for.

-Strange bumping noises all day and night. I don't know if it was because of the type of corner room I had with an electricity box nearby, or because this is a fairly new building, or some other reason, but for many days throughout my stay I would hear various bumping noises. I couldn't determine if these noises were due to the building settling, mini earthquakes, strong winds, the air conditioning system, electricity box, or a combination of all of these things,but suffice to say they never really stopped. They were not that frequent, and were not loud. But over a few days it did get annoying especially at night while trying to fall asleep.

-One of the images the hotel uses on the hyatt website is totally false. It shows the hotel building standing freely with trees around it and no other buildings anywhere. In reality there are many modern residential high rises all around, some vacant lots, and a large car dealership next door. There's nothing wrong with the surrounding area, but the false image should be removed from the hyatt website.


Conclusion:

The hotel is fine, but the location is just too far from anything.
Only stay here is it's significantly cheaper than being somewhere more central. As a comparison the Hilton Taipei Sinban (which I also stayed at) is also not central, but it's much closer to an MRT station and there are way more shops and restaurants around it.

A taxi from the Hyatt Place to central Taipei will cost you around 300 TWD, and the same again to come back.