So I see talk about UR points being worth 2.3 cents when redeeming for Hyatt hotel stays?

How does this exactly work?

For instance, if a hotel stay costs 100k points, that is supposedly worth $1000-1500 depending on which Chase cards you have? So no annual fee cards, it would be worth $1000, for CSP, $1250 and for CSR, it would be worth $1500?

So the hotel which would require 100k UR points should cost $2300 to $3450 if paying by cash?

So for instance, if the cash cost of the hotel is say only $1800 vs. 100k UR points, it would be a "bad" transfer and redemption of 100k UR points to 100k Hyatt points?