Hyatt Regency Cancun will be reflagged on April 30, 2014, and it will no longer operate under the Hyatt flag after that date.
There is nothing on Hyatt.com that would indicate the hotel is leaving Hyatt, but there is a long thread on FlyerTalk about this (access here).
You can access Hyatt Regency Cancun’s website here.
Hotel chains tend to own very few properties by themselves (an asset light strategy). The owner of the hotel just has an agreement with the brand to operate it under the flag for set number of years.
Often the contract is not extended if the property would need heavy capital investment to keep it up to the brand standards. Owners often find it cheaper to just reflag the property under different brand or de-flag it entirely.
The Hyatt Regency Cancun won’t close on April 30th, but will continue operating under a Mexican hotel brand. If you have reservation(s) past the April 30th, don’t expect to receive any Hyatt Gold Passport status related benefits or points and stay/night credits for your stay(s).
When hotels reflag, they often honor existing award reservations, although this is not always the case. If you have an award reservation coming up at this property, it would be wise to contact Hyatt Gold Passport and inquire about the situation.
You may try to find out if Hyatt is willing to move your award reservation at the same point price to their other Cancun property.
It is very unfortunate that hotels chains tend to give very short notice when properties are leaving or no prior notice at all. Unlike with new developments, there are no press releases issued.
There are costs involved keeping a property up to the brand standards and I would imagine that the owner behind the Hyatt Regency Cancun was not willing to do the required investment.
If you have stay coming up with this property, I would have a look at alternate accommodation options. The prior management usually leaves at the time the hotels changes the flag and there could be issues at the property level due to this.