I understand the exclusivity of Four Seasons NOT offering a loyalty program. That being said, with more and more FS properties, they are competing with more and more luxury properties that have them, so it will be interesting to see what FS will do. Peninsula and MO have much fewer properties, so there is less incentive nor need to offer a loyalty program. But FS is now competing with Ritz (Marriott), Park Hyatt (Hyatt), St. Regis (Starwood) in more and more cities, and the competition might be the push to a loyalty program at a future date. FS still largely out-competes those in general with better service, in my opinion, but not in all markets. Aman still out-competes FS in terms of service level, but they have not often competed in the same markets--though that seems to changing (Beijing, Hangzhou, Jackson Hole, Bali, Marrakech being current examples, with Tokyo coming up possibly). A number of unique boutique properties in various markets also offers FS increased competition (Upper House, Opposite House, etc), but I'm not sure they push FS towards loyalty program or not. I still think FS will eventually offer one, because the entire industry has moved in that direction and it offers a way to sate that need for even the higher segment travelers, including us.