American Airlines AAdvantage and World of Hyatt made an announcement back in March that they would launch reciprocal elite benefits with bonus points/miles modeled after what Starwood Preferred Guest (SPG) and Delta had before Marriott’s takeover.
World of Hyatt elite members will earn one point per USD charged on American Airlines marketed and operated flights while AAdvantage elite members will earn one miles per USD charged for Hyatt stays.
You can link your accounts here.
Note that you cannot link accounts unless you have an elite status with either American or Hyatt or both.
The American Airlines page states that both the first and last name must match between accounts 100%. This is not apparently observed. My AA account only contains my first initial while my World of Hyatt account has my full first name and had no issues linking them.
The bonus World of Hyatt points and American Airlines miles are earned in addition what you earn today. There is no downside for linking accounts if you have an elite status with American or Hyatt.
The terms also state that there are occasional promotions for bonus miles and hotel points for those that have done the linking.
American Airlines will likely offer a fast track for those members that have Hyatt status while Hyatt is also offering a challenge for AAdvantage elites (see separate post).
This is an exact carbon copy of the SPG/Delta partnership that ended with Marriott takeover.
It is somewhat surprising that American Airlines decided to team up with Hyatt due to its limited foot print. Hilton would have been better match to counter limited partnership that United and Marriott have.
This is perfect partnership, however, for those that have an elite status with both. You will then earn AA bonus for Hyatt stays and vice versa.