When I've done the math in other programs with dynamic pricing with slower occupancy opportunity overwhelmingly Hyatt
is over priced on award nights in a number of key cities.
Mind you thats prior to the May changes.Cash rates more typically competitive.

And where 4 or 5 night stays enter into the conversation with last night free on points even more so.
More than ever before being blindly loyal is a massive mistake unless cost and value simply don't matter.
My Cousins pop 1000 and 2000 dollar nights like candy (both attorneys) and don't care much really if there is a program a hotel belongs too.

For the first time since 9-11 I'm earning 12 miles per dollar on 3rd party sites (citi) especially when I know the property
to be poor at breakfast or upgrades and I'm not needing a late check out
Hyatt has pushed me to not book directly consistently and play with some 3rd party sites.
Perhaps they lose some of the value chasing customer which is what I assume they are after replacing us with higher rate revenue and redemption guests.