Update 10/19/23: Now live. Looks like you get ~1.2¢ per point when redeeming Hyatt points.
Hyatt is launching a new short term vacation rental platform called ‘Homes & Hideaways‘. Hyatt benefits will include:
Direct booking access to a unique collection of short-term private home rentals from beachfront escapes to mountainside ski chalets, where they can earn and redeem points beyond the traditional hotel stay
Earning points and tier-qualifying night credits on stays
Standard tier bonuses
Ability to redeem points for stays at home rental properties
How useful this is will really depend on the rates and if this is a white label of another platform.