Cheap rates at the New Park Hyatt Hotel in New York City

New York City is one of my favorite cities in the world and I've talked about getting there on the cheap several times. But sometimes, you just want to splurge and this is one of those days: Nestled at the bottom of Central Park on 57th St. Park Hyatt NYC is going to be the preeminent Hyatt location in New York inching out the Andaz properties on 5th Avenue and Wall Street as the top dog in Hyatt's New York properties.

This is one of the most anticipated hotel openings this year and I'm super excited to see that they are currently taking reservations starting August 28, 2014. Room sizes start at 475 sq ft. for regular Park King and Park Double rooms and get progressively larger with the different suites. While this might not sound very impressive to some, this is considered extremely roomy in NYC's tight hotel room market. On the subject of suites, more than 40% of the 210 rooms are allotted as suites so I have a good feeling that a lot of elite members will be able to upgrade.

Room rates start at $775+ on some of the dates that I've seen which is way out of my league. Still, I figure this blog has all kinds of readers, so here's three ways you can stay at the PH NYC for a fun filled weekend. Guess which option I'm leaning towards?

1. Baller Status: Just pay the exorbitant nightly rate, baby! While you're at it, hit up the best nightclubs, restaurants and shopping that NYC has to offer.

2. Points Rich/Cash Poor: PH NYC is going to be in Hyatt's new Category 7 at 30,000 points a night. If you have a ridiculous amount of points but not much money, I'd say just book rooms at 30k points a night. If you're feeling especially saucy, suites here go for 48,000 points a night. I conservatively value my Hyatt points at 1.5 cents per point, so this would be an effective redemption of a minimum of $450. Expensive, but still a $325 a night discount.

3. Semi Baller: Hyatt's new Cash and Points is an innovative way to pay for stays. Unfortunately, Category 7 cash and points nights are 15,000 points + $300 cash. Plus, I believe that they charge hotel occupancy and sales tax on the $300 portion of the stay. The upside to cash and points is that they count towards your elite stays/nights and you can apply diamond suite upgrades to these bookings. Still, the $525 effective nightly rate doesn't seem like a good value play to me unless you really want the qualifying stays and don't want to shell out too much in cash.

4. Travel hacker: As you rightly guessed this is my favorite option. The easiest way to obtain a cheap weekend at the PH NYC is to sign up for the Chase Hyatt Card. The current offer doesn't waive the $75 annual fee, but once you hit the minimum spend, you can stay two nights at any Hyatt in the world for free. This will save you $700 off the first night and $775 off the second night. If like me you've already signed up for this card and gotten the bonus, this is a great time to have a spouse, significant other or friend sign up and reap the benefits.

However you decide to stay there, this looks to be a fantastic property.