Suite at the Hyatt Chicago Magnificent Mile, which I booked with My Elite Rate
On a space-available basis, Platinum and Diamond members could book rooms and suites at 20% off the rack rate. Unfortunately, Hyatt will not be renewing My Elite Rate for 2015.
The "My Elite Rate" was often comparable to rates you might find booking through a site such as Orbitz or hotels.com. My Elite Rate induced me to book through Hyatt rather than through one of those consolidator sites. This was a win-win; I got Hyatt loyalty points for booking through Hyatt; Hyatt didn't have to pay the third-party site a commission.
To lessen the sting, you can buy Hyatt gift cards at 10% off here through December 31, 2014 using the promotional code GPGIFT14. But it sure would have been nice to use those gift cards with the My Elite rate.