Update on this: I called the Globalist line last night and attempted to apply a suite upgrade, and they apparently refused, despite the room labeled "standard suite" (balcony view suite) being available. Upon writing to my concierge, it seems the property can do whatever they want.

Which is interesting because Hyatt maintains a healthy list of ineligible properties (and brands) for suite upgrades. Seems like anyone can refuse anything, and Hyatt can do nothing.