Would you believe that you can stay for a couple of nights in one of the most famous luxury hotels in Japan without having to spend $800 to $1,500 a night? It is a long way, but it's not too far away just now. Okay, so that's the newly remodeled Park Hyatt Tokyo, the place everybody was waiting to stay at since it reopened, announcing a host of awards at the lowest redemption rate possible.

This is the type of opportunity that you circle in red on the calendar for points and miles people.

The reasons this reopening is so monumental

The Park Hyatt Tokyo had a complete overhaul and was closed for nearly a year and a half. It has always had a certain mystique to it, which is why it soars to the top of many “best hotels in the world” lists, and which is the combination of sweeping city views, understated Japanese luxury, and service. After finally opening its doors, they were all waiting to see what was available for traveler and points hunting.

After all, when could it be better? The hotel is open with wide open award calendars, many of which are standard room types, at the moment, particularly during the summer of 2027. But it's something you don't always find at a hotel this popular and it's of the type of window that sells quickly when people find out about it.

The Real Cost Difference: Cash vs. Points

Now this is the fun part. The real price you'd pay for a standard room in the Park Hyatt Tokyo is $800 or higher per night without taxes and fees included. In periods of high demand, such as cherry blossom season in late March-early April, and big holiday weekends, that can easily be in the thousands of dollars per night. Again – for a standard room, not a suite.

Now, compare this to World of Hyatt points. The best category on Hyatt's award chart is Category 8 with the lowest off-peak night at 35,000 points. The price of a night can go up to 75,000 points during peak season, so it's important to time it right. Yet, even at the high end you are likely to be paying more than fair value for what you're getting.

If you do the numbers, most of these redemptions come out to be in the 2.2-3.3 cent range per point. That's significantly higher than the average value of one Hyatt point, which is about 1.5 cents per point. In the vernacular: In this case, it's one of those few occasions when it makes financial sense to use points rather than a credit card.

Here's how to discover and now book plus these award evenings!

It can be daunting to scour the hotels in this popular destination for space to win an award, but Hyatt has made it relatively simple. The brand has a live calendar for awards, allowing you to scan through a whole month of dates at once, which will help you see where you will find the least expensive dates to travel during the month. For even more of a wide-ranging view, though, you can use third-party tools such as MaxMyPoint, which can do the comparison for you over a number of different date ranges instead of manually clicking through Hyatt's site day by day.

Once you have found dates that work, there are a few things you need to do to make it easier:

• Check award availability regularly, as popular hotels can fill up quickly.
• Compare peak and standard rates; prices can range from 35,000 to 75,000 points per night.
• Book quickly when you find a Category 8 hotel at the standard rate.
• If using a points tracker, compare rates with Hyatt’s calendar.

Don't Have Enough Points Yet? Here's How to Get There

But not everyone is waiting for their World of Hyatt points to be accrued for a trip, and that's fine: There are a number of practical ways to build up your points before your travel. Hyatt has a number of welcome bonuses on its own co-branded credit cards, some of which have good sign-up bonuses to get you ahead. Further, if you are already earning rewards from other programs, you are not building your rewards from scratch.

It is not uncommon for a sign-up bonus for a World of Hyatt co-branded credit card to be worth more than one or two nights' stay at the hotel. Since World of Hyatt points can be transferred straight to your World of Hyatt account, this is an effective way for those who already accrue Chase points.

For those who have been earning points with monthly rentals, it's also nice that the points can be transferred to Hyatt for members of the Bilt Rewards program. It's easy to see how adding a card bonus to an existing points balance can make the most effective way to reach 35,000 points in no time at all before those months have passed!

Bottom Line

The Park Hyatt Tokyo is not only back, it's back with wide open awards, and it is almost as if it is calling out to book. Instead of paying $1,000+ for just one night, smart travelers have a viable chance of enjoying this newly revamped hotel with miles with which, by the way, they are paying pretty much a dollar more per night than they normally do.

However, such opportunities don't come around often. Currently, there are no rooms left in August 2027, but a hotel this iconic sees demand quickly deplete inventory. If you've been dreaming of staying at the Park Hyatt Tokyo, now is the time to look at the calendar, do the math and book your dates before it's too late.