This method is literally a rehost, as you will be moving your on-premises physical servers or VMs into VMs in your cloud provider. This method is the easiest and quickest of all the methods, because you will be moving your environment and your applications as you have them on-premises. No code changes or re-architecture of your applications is required for this method. Here, you will only be taking advantage of the IaaS advantages of the cloud provider of your choice.
Things such as the agility of having resources at your disposal if you need to increment storage or compute on demand and the lack of hardware maintenance and administration will be things to take advantage of in this model.