It's far too soon to tell whether this actually meaningfully impacts the 2 cent per point valuation - though, it seems likely that it will impact the extremely high valuations that were possible at some properties with obscene cash rates. If the vast majority of dates become "Upper" or "Top" - that's not great - but we don't have any data to back that up beyond cynicism.

The random set of category changes announced today are making me chuckle, though, as the hotels they announced are quite random.

I would like to see Hyatt start forcing properties to open up a reasonable amount of standard room redemptions without night minimums - even at the "Upper" or "Top" rates - looking at you, Park Hyatt Kyoto.