Bidding miles and points online may not be new to the frequent travel industry as a whole, but it is new to Hyatt Gold Passport members.

“Hyatt Gold Passport Exclusives” is a program through which Gold Passport members can use the points they have earned to bid on auction lots. Members bid on each auction with points as currency. At the close of each auction, the highest bidder will be declared the winner of that auction.

The first-ever Exclusives auction was a two-week affair toward the end of last year. Among the prizes: A two-person package to see Round of 16 soccer action in Cologne, Germany, the final bid for which was a whopping 125,000 points.

Hyatt says that future auctions will take place as items become available. In order to bid in the auction, you must have a Hyatt Gold Passport account and enough points to meet the minimum bid threshold.

To bid, you must be signed onto http://www.goldpassport.com . Select the auction item upon which you would like to bid by clicking the “Bid Now” button next to the item description, and place your bid amount in the field where indicated. You must have equal to or greater than the number of points listed as the minimum bid or current high bid in order to place a bid.

Any Gold Passport member who is 21 years of age or older and has enough points to reach the minimum bid or exceed the current high bid may participate.