Points or points and cash rate?
 

It cost 8k points for Hyatt Regency Johannesberg or 4k plus $61 USD for August 2017. One night is $215 USD

Which is a better redemption?

I have no status other than just the Hyatt credit card.

They are about the same in my eyes, cost-wise. I value Hyatt at 1.5 cpp.

If you need stay credit, certainly do the cash and points.

That's really completely up to you. Without status, there isn't really a difference in benefits between Points only vs P+C.

It's a math problem:
Points: 8K
P+C: 4K + $61 USD.

So do you value the 4K points more or less than $61? In other words, about 1.5 cents per point.

If you have globalist status, the points only booking also gives free parking (~$10).

Some of my trips are tax deductible and some aren't, so that factors into my personal decision on this.

Another difference is the money you spend as part of P+C generates points.

I look at it another way. Finish the math.
8k=215 and thus k= $27
But with 4k + 61 = 215 then k = $38.50
Put another way, if you did this twice with cash and points, you would save $308 ($215-61 and then times two) which is a lot better than saving $215. Plus if there is tax above that, the savings might be even greater.

Almost identical. The difference is de minimis.