World of Hyatt has several overlapping promotions running right now which could stack to enable manufacturing elite nights at a cost as low as 1300 points per night.
Why would someone manufacture Hyatt elite nights?
Besides earning higher tiers of elite status, Explorist at 30 nights and top-tier Globalist at 60 nights, Hyatt offers milestone rewards for each 10 elite nights. These get particularly valuable as you get to 40 nights and beyond. Even when failing to reach Globalist status, the rewards at 40 and 50 nights can be worth going for, as I did last year.
Of particular interest to me and many others are the Suite Upgrade Awards, which can be used to confirm a suite in advance for bookings up to 7 days. Now that it is the second half of the year, it may be clearer if you will be in striking distance of these thresholds. If you think you will be close based on planned travel, manufacturing a few elite nights now could make sense.

Offer Details
Hyatt’s newest offer is as shown in the image above: 2k bonus points for every 2 nights, up to 8k points total. However, the downside is that this only count starting with your second stay. The other active promotions are 3k bonus points for every 3 night stay at Hyatt Place or Hyatt Select properties (good through end of July) or 5k bonus points for every 5 night stay at a Hyatt House or Hyatt Studios property through the end of the year.
The challenge is finding category 1 properties with consecutive nights of “lowest” award rates at 3k points per night. July looked pretty tough for the first option but I did find some with availability in August or September for the second.

How the math works out
Let’s consider 3 options. In all 3, it would be best to stay 1 night first, then increments of 3 or 5 nights depending on which offer you are pursuing. If you have organic paid nights in the mix, even better, especially for that first night.
Option 1: 1 night then 3 stays of 3 nights at Hyatt Place or Hyatt Select properties. Total nights: 10. Total points cost to buy the nights: 30k points. Total earned from the promotions: 17k. Net cost: 13k or 1300 points per night
Option 2: 4 stays of 3 nights at Hyatt Place or Select properties. Total nights: 12. Total cost: 36k points. Total earned from the promotions: 20k. Net cost: 16k or 1333 points per night
Option 3: 1 night then 2 stays of 5 nights at Hyatt House or Studios properties. Total nights: 11. Total cost: 33k points. Total earned from the promotions: 18k. Net cost 15k or 1364 points per night.
For me, if I were in striking distance to get to 40, 50, or 60 nights, this would be worth pursuing. Getting a Suite Upgrade Award and Guest of Honor for < 15k net points is a tremendous deal if you have even a halfway-decent use for them. Said another way, would I trade 15k points for those awards? Absolutely, in a heartbeat.
TL;DR: By stacking multiple overlapping World of Hyatt promotions, members can “manufacture” elite nights at Category 1 hotels for as low as 1,300 to 1,364 net points per night. This strategy is highly worthwhile if it helps you reach valuable milestone reward thresholds (such as 40, 50, or 60 nights) to unlock perks like Suite Upgrade Awards and Guest of Honor awards.