Hyatt is offering a pretty sweet deal through August 31. If you join Hyatt Gold Passport they’ll give you free Platinum status for 120 days. To retain it through February of 2011 you just need to spend five nights at Hyatt hotels within that 120 day period. Furthermore, if you spend 15 nights at Hyatt properties within 120 days, you get Diamond status, which usually takes 25 stays or 50 nights. All the details can be found here.

Now, before you run and sign up, let’s talk strategy. Unless you have an immediate use for the status, wait to sign-up. Hyatt usually starts running their yearly “Faster Free Nights” promotion in the fourth quarter, whereby you earn a free night for every two stays you make. Therefore you’re best off waiting until August 31 to sign up, as your status will be good through the end of November, and if you decide to “mattress run” for Faster Free Nightsyou might be able to get Diamond status and 7-8 free nights at top tier hotels for under $1,500. For what it’s worth, Faster Free Nights was announced on August 21 last year.