Is there a spend requirement or is it two nights with first purchase?
No spend requirement.
No forex fee.
1 point per dollar, 3 points per dollar spent with Hyatt.
Hyatt hotels go from category 1 (5K points) to category 6 (22K points). So while a top-tier hotel with Starwood might go for 70,000 points per night, top-tier Hyatt hotels are only 22K points.
Downside is you don't have the great airline transfer option like Starwood has and there's no cash and points.
Both chains have no blackout dates and guaranteed standard room award availability.
Non-elites (at the time of application) will get 2 free nights systemwide. Use 'em at Park Hyatts in Paris, Zurich, Milan, Tokyo, Sydney, etc. that go for $1,000/night. Not bad for a $75 fee.
There are no resort fees or taxes on Hyatt award bookings.
Non-elites will also get upgraded for free to Hyatt Platinum as long as they have the card. This gets you free internet on all Hyatt stays, free room upgrades, expedited check-in line, late check-out, bonus points on every stay, platinum extra bonus points every 3 stays, guaranteed room avaialbility, etc.
Platinums (at the time of application) get 2 free nights in any hotel plus they get 2 suite upgrades good for up to 7 nights each.
Diamonds (at the time of application) get 2 free nights in a suite in any Hyatt hotel.
Hyatt will match status for 60 days so match before applying! If you have a CO PP card get the Hyatt Platinum that the PP card gets you before applying for the Hyatt card.