I am trying to find a reasonably priced hotel for an upcoming stay in New York City. edgewood suggested a stay at the Grand Hyatt New York, using a Stay Certificate, which I had never heard of before. It appears that my two night stay will cost $418 using a Weekend Certificate at the Pretige Level.

From this thread, it is my understanding the $418 price includes taxes. Correct?

More importantly, I could use some advice as to the mechanics of making a reservation with the intent of using a Stay Certificate. I expect to stay at the Grand Hyatt given this rate versus the astronomical prevailing market rates for other hotels. However, I would like to retain some flexibility to stay elsewhere should I be able to get a less expensive room through Priceline closer to my date of travel. Can I reserve a room at the Grand Hyatt now and wait to purchase the Stay Certificate if Priceline proves unfruitful? If so, how do I go about doing so? I'd hate to wait only to find no reasonable Priceline inventory and have no backup reservation.