40k points for 1 king bedroom. Cash price for city harbor view was ~ $850 including taxes. Cash booking would be better deal with Amex FHR, Prive or Virtuso to get the $100 property credit. Interesting thing to note is that only city harbor view room and above were being sold by Hyatt, Amex and other premium platforms. The King bedroom with no view which is the same as points room, was being sold on Booking.com for ~ $500 including taxes. I was so ready to do BRG or book with Amex FHR until I realized what they were doing with room types. There were lot of data points about corporate prices being low. They are the same base rooms which will not have any view. Unfortunately can’t get Globalist benefits on those bookings to hope for an upgrade.

Check-in

The day before arrival, there were no opera view rooms showing in website. App was showing city harbor view room for my reservation. After midnight on day of arrival, I saw availability and called to request. Was quoted $500 AUD to guarantee. I was staying at Four Seasons near by. I walked in at 10:30am to check in since upgrades are first come first serve. Unfortunately the app wasn’t showing opera view room anymore. Clearly the person standing in front of me took it LOL. However, the agent was able to put me in an opera view room but an accessible room. Was told they can only do 1pm checkout if I want the room with view. I agreed to it. Received text at 12:00pm room is ready.
On the day of departure, I called in the morning to ask for 4pm checkout and they granted it.
They have gym and pool only access cards kept ready to give for use before check in and after check out. I used it for gym after check out.

Room

I was in 136. Welcome gift was couple of fruits and a chocolate. Fantastic view of the opera house directly from the room. There is a green lawn in the front, so it’s bit tucked away from street and private. Excellent sound proofing with the doors. The ugly ass cruise ship wasn’t blocking but it left at 6pm and made the view even better. You can check port website to see if there are any ships during your stay. My only crib was the opera house was not in the direction of POV from my bed to see :). They should have put the bed on the other side. First world problem.
Le Labo toiletries. No travel size shampoos but only body lotions. Everything in the room felt premium.
There were 2 water bottles in the room but my understanding is you can ask for as many. The was a fridge in the gym you can take from too.
I spent the day chilling in the balcony except for the opera house tour. Sunset and Sunrise was absolutely stunning.

Dining

Breakfast was good enough. Food quality and freshness can be felt in all items. I ordered the Plant based meal and they missed to bring the tofu scramble which was part of it. Service wasn’t that great. I asked menu for 2nd time and they never brought it. I gave up.
Amenities
Gym is small but nice. Has most of the machines except squat rack / free barbells. Pool and hot tub are open only from sunrise to sunset. It was too sunny for me to enjoy sitting in hot tub. I forgot to carry my sunglasses.

Other details

There is a nice little public green area right in front of the hotel. It would be a cool place to hangout with an amazing view of opera house. I feel like tourists just go to the actual opera house or be at the circular quay and don’t spend time near this hotel. If you just hang out around the hotel, I feel like you won’t be missing so much. Obviously there is no convenience of being in your room and watching sunrise / sunset. The opera house is only 20 min walk and there is a lot of public hangout spots with nice bridge view there. Having done a lot for research and stayed at Four Seasons and Shangri La, Park Hyatt is definitely way better in terms of design and furnishings. Capella has to be nearest contender but it has zero views. The other ones are a bit dated but still offer good value for money if you book with Amex FHR. Four Seasons room felt modern but rest of hotel is dated. Shangri La had amazing view from my room and also from their 36th floor restaurant, at which you can dine using the FHR credit!

 
Conclusion

I wasn’t ready to pay 40k points but had a lot of FOMO since this is a bucket list properly according to Internet. Lucky to get an opera view room and don’t regret spending my points! Wasn’t having it at the beginning, but I wouldn’t mind coming back again even to a no view room for a right price.