Correct, but the rate Hyatt reimburses at may or may not be at the "market rate" at the time of someones stay. Probably for some higher end properties, that can command substantial rates, the points reimbursement is likely below what the property can earn by selling the room for cash. This is why you see some properties being somewhat resistant to providing award availability; they know they can sell the room for more the Hyatt will pay them.

Regards