Originally Posted by Matt4200

According to my MHC as long as you provided a valid credit card at the time of booking to secure the reservation then any eligible rate booked on Hyatt.com, including points reservations qualities for Hyatt’s reservation guarantee.

Though as noted this is only 1 of the options. Most often they will instead offer to match the rate you booked and rebook you at a nearby Hyatt which most people accept. In agreeing to this you are agreeing to an alternative remedy to the breach of contract.