One of the most talked about hotel openings was the Park Hyatt in New York City. Since the Park Hyatt is Hyatt’s top brand, it was always strange to me that they left New York City without one for so long. But, finally, they opened in August and it has been a hit so far. It is definitely not cheap, though, whether you plan to pay with cash or points.
Park Hyatt New York
The High Cost
The Park Hyatt New York is an expensive hotel, in fact the most expensive hotel to be built in the city with a cost coming in at $375 million! That works out to a per key investment of $1.8 million. Because of that high cost, you know that they need to charge some high rates to recoup that amount.
To help make a profit on that investment, their base room – the Park King – has a cost just below $900 before tax. After tax, it comes in at just over $1,000! If you want a suite, it will cost just under $1,200 (pre-tax) all the way up to $3,000 per night. To read a review about the Park Hyatt, check out this one from One Mile At A Time.
The Cost in Points
On the point side, it is classified as a Category 7 (Hyatt’s highest) which will require 30,000 points per night. If you transfer Ultimate Reward points to make such a booking, it puts the value of that award night at $375 (considering you can get 1.25 cents per point if booked on travel through the UR portal). That is a lot of money’s worth of points for sure! But, the value per night (based on the rate of $875 + tax) means that you can get 3.3 cents per point out of your Hyatt points.
The alternative is to book a Points + Cash reservation. That would require a combination of 15,000 points and $300 per night. For a point value, it would mean the point portion of the reservation would come in at 4.6 cents per point. So, it is a better value of the points plus it is an eligible rate for elite credit and promotional offers.
The Park Hyatt Difference
So, with prices high – in both money and points – how and why does the Park Hyatt make it easy? Actually, it is with a little help from the other Hyatt hotels in NYC that the decision to choose the Park Hyatt New York on future trips might be made easier.
Before one of the recent category changes amongst hotels, the Hyatt 48 Lex (the newest NYC Hyatt property before the Park Hyatt) was available as a category 4. That meant that it could be redeemed with the annual certificate from your Hyatt Chase card. It made it an incredible value since the annual fee is $75 and hotels in NYC go for way more than that! Having stayed at only the Andaz 5th Avenue on previous trips, I was looking forward to redeeming one of my future free night certificates for the Hyatt 48 Lex when the change occurred. Now, it sits at a Category 6 level (like the Andaz 5th Avenue) which requires 25,000 points per night or 12,500 points + $150 per night on a Points+ + Cash stay.
In fact, every Hyatt hotel in Manhattan is at a Category 6 with the lone exception of a Hyatt Place which requires 20,000 points as a Category 5! That means that every Hyatt available (with the exception of the Hyatt Place) costs only 5,000 fewer points per night than the Park Hyatt! By all accounts, it is more than worth the extra 5,000 points to stay there over one of the other Hyatts in the city. Not only is it a Park Hyatt, Hyatt’s top brand, but it is most likely one of the jewels of the Hyatt program given its location. That extra 5,000 points would be one of the best point redemptions ever!
The only time that it would break down as to whether to stay at the Park Hyatt or a different Hyatt hotel would be if you were doing a Points + Cash stay. There is a huge difference in price between a Category 6 and 7 with that booking rate – a difference of only 2,500 points but an extra $150 cash outlay! To me, that is definitely nor worth it, though I recognize it may be worth it to some.
The problem, at this point, is finding award availability at the Park Hyatt. It has been very spotty but they have been releasing nights closer in to the stay (not ideal for most people). Hopefully, they will release more nights soon as it will surely be an excellent redemption. If you are interested in the breakdown of the rooms vs suits in the hotel, check out this excellent post by the Wandering Aramean. He also has a great tool that will let you set alerts for Hyatt award availability. If you are waiting for a room to open, this tool provides excellent value for a small cost.
Disclosure: I do not receive a commission for this card.
Application Link – Chase Hyatt Card – Spend $1,000 in the first 3 months to receive 2 free nights (annual fee waived the first year)
Ok, what if you do not have the 30,000 points required to stay there for a night? The good news is that you can stay there (with availability) with the free nights provided for signing up for the Chase Hyatt card! That’s right, after spending $1,000 within the first 3 months, you will have two nights that you can use to stay at this Park Hyatt! That redemption opportunity makes the Chase Hyatt card to have one of the most lucrative sign-up bonuses in terms of value.
Does the Park Hyatt New York require a lot of points to stay there? Yes! But, given the cost of other Hyatt hotels in New York, the Park Hyatt actually makes it a lot easier deciding to stay there vs other Hyatt hotels. If you really want a Hyatt in NYC, then the Park Hyatt should definitely be your choice (on points, of course!).