Hyatt Taipei cancellation policy?

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Hi folks - 

I just reserved with the hotel and was quite surprised at the cancellation policy.

Could you please confirm - Cancel before 1 Nov - no charge, 1-7 Nov 1 night, after 7 Nov full amount?

Seriously?  This is extreme. I can understand a 1 day fee up to the date of the reservation and maybe even charging the full amount if I don't cancel, but paying $1500+ because I had to cancel at the last moment seems a bit confiscatory.  

Mike

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