Update on 4/24/2024:
Well, the long-awaited day is here and it’s a bit of a downer. I’ll start with the bad news. Hyatt is using dynamic pricing for Mr and Mrs Smith properties (see map), and looks like you will only get 1-1.4 cents per point. So, no outsized redemptions to be had here, my friends. I’ve actually redeemed Hyatt points at 1.4 cents before towards Rio Perdido resort (SLH property) and consider it an acceptable value. But it looks like you will have to work hard to find it, and at the moment no properties I’m interested in fall in that category. I’m mostly seeing 1.1 CPP on average, and that’s just not good enough.
So, in all likelihood, I won’t be redeeming Hyatt points on Mr and Mrs Smith hotels anytime soon. If I like a specific property, I would be more inclined to convert one of my Chase Freedom cards to Chase Sapphire Reserve and book through their portal in order to get 1.5 CPP. Of course, assuming the price is comparable to other travel websites.
The big question is whether this new arrangement is a canary in a coal mine, so to speak. Will Hyatt eventually switch to dynamic award pricing on their own properties? I personally think it’s a matter of when, and not if. Naturally, I won’t be losing sleep over it regardless. I’ve gotten a ton of value out of Hyatt over the years, and if they nuke their program, I will simply go elsewhere. It helps that I haven’t invested a lot of effort or money into obtaining top-tier status. I’ve always been a free agent and simply book the best value compatible with our travel plans.
Those who earn Hyatt points organically via business stays will probably view Mr and Mrs Smith partnership as a net win. And why shouldn’t they? If you have millions of Hyatt points and are earning them faster than you can spend them, why should you care that you can “only” get 1.1 CPP. You now have more options to use your stash, and that’s always a good thing. If that were me (it’s not), I would burn my points without thinking twice. Alas, my Chase UR points are too valuable to take this sort of approach.
Original post below:
By now most of you have probably seen the announcement that Hyatt will be acquiring Mr and Mrs Smith booking platform, and the deal will close in the next couple of months. Presumably, IHG will sever ties with the group at the same time. This means that fairly soon (end of the year maybe?) your Hyatt points will potentially have access to 1,500 more boutique properties around the world. Emphasis on the word “potentially.”
I don’t mean to spoil the party, but using IHG points towards Mr and Mrs Smith properties is fairly difficult. Yes, it is possible, but availability via points is quite scarce, which is a big negative. If I had to take a guess, I would say that the same pattern will hold when Hyatt will take over. Why? Look at their partnership with SLH (Small Luxury Hotels group). Some of the properties are never available via points, though are listed if you are willing to pay cash rate. And let’s face it, we are in this hobby so we don’t have to pay cash for hotels, and instead leverage points at an attractive rate.
So, I’m a little skeptical as to how useful this partnership will be in practical terms. Nevertheless, this is most certainly good news. The biggest weakness of Hyatt program is its limited footprint. Yes, there are many nice properties out there, and if you plan your vacations around them, you are likely to find something suitable.
But that’s not how I plan my trips. I select a destination and then see if I can leverage my hotel points favorably. Sometimes the answer is yes, but often it just makes more sense to pay cash. Part of the reason is the fact that we usually travel as a family and sharing one room with kids is a deal breaker. So redeeming points, especially internationally, is rarely a good deal under those circumstances.
Where I can mostly see using this new partnership is for our couple’s getaways. My husband and I have decided to do one nice trip each year without kids, and I highly recommend it. We started with Costa Rica last year, and hoping to go to Peru in 2024. Speaking of, there are two Mr and Mrs Smith properties that caught my eye. They are located in Sacred Valley, which is where I intend to stay.
Surprisingly, Sol y Luna has almost no availability via Mr and Mrs Smith platform, which explains the fact that you can’t currently book it via IHG. On the other hand, Inkaterra Hacienda Urubamba is available, and costs close to $400 per night on average.
Via IHG.com you can usually book it for 75k points, which makes sense. If I had to guess, I would say that it will be a Category 6 via Hyatt, which means it will cost between 21k and 29k points per night. I do like the look of the hotel and would consider using my Hyatt points here. Then again, Peru is a relatively cheap country, and it’s not that hard to find a very nice lodging option for $250-$300 per night.
I’ve acquired my current Hyatt stash via transfer from Ultimate Rewards, right before canceling my Chase Sapphire Preferred. That means I indirectly paid at least 1.25 cents per point, so my potential stay in Peru most definitely won’t be free.
Still, at 21k points per night it could be an attractive option, especially if there were other perks involved by booking via Hyatt. Only time will tell. I don’t think it’s a no-brainer, though my husband will likely appreciate it if I didn’t touch savings in order to pay for our lodging in Peru. Honey, the trip is free!! Then again, I respect him too much to say that.
Reminder: the sign-up bonus on Chase Sapphire Preferred card is currently increased, and now is an excellent time to consider applying for it.
What about staying in Mr and Mrs Smith properties when traveling with kids?
This is a far less compelling scenario, but it could still make sense under certain circumstances. Again, it’s impossible to say for sure until we know what availability and pricing via Hyatt points will look like. We are planning to spend three nights in London with kids next summer, so I glanced at the room rates this August.
Some hotels have rates starting at $175 per room, so it’s not crazy to imagine that Hyatt may classify them as a category 4 (15k points per night during regular season). At that price I would be willing to splurge points on two rooms, since London is quite expensive. It would depend on various factors, of course, like location etc. But many of their properties in London look quite interesting, and have lots of character.
These are just a few possibilities that may align with my existing travel plans. Overall, it’s an exciting development, but it’s important to temper your expectations.
How about you, readers? See anything interesting?
Author: Leana
Leana is the founder of Miles For Family. She enjoys beach vacations and visiting her family in Europe. Originally from Belarus, Leana resides in central Florida with her husband and two children.
@Kristina Indeed! We stayed at Tabacon and Rio Perdido and really enjoyed both. The latter may still be available via Mr and Mrs Smith partnership, but not at a rate I would find acceptable.
I believe some previously great hotels in Costa Rica will no longer be part of a Hyatt ecosystem which is a bummer.
@Christian That’s actually a good point. I was in a hurry yesterday and didn’t think to update the title. Certainly didn’t intend to make it clickbaity. We try to avoid that sort of thing.
Will update the title now.
Maybe update the title of your post so it doesn’t seem so clickbaity since NO one is actually excited about what they just announced. Redemptions are ridiculous and no bonus on using Hyatt Chase Card at the properties puts the nails in the coffin.
They have some nice Chicago properties
Nice! One of these days I’ll make it to Chicago. My SIL just got married and moved to Michigan, and her husband was talking about meeting us in Chicago for a weekend getaway since it’s only a four-hour drive for them.