I do receive a lot in return for my loyalty to Peninsula and Four Seasons, just not in the form of points.

I think high-end hotel groups should not have "loyalty programs." I do collect points if offered, but tend not to plan hotel stays around point earning or redemption.

To me true loyalty is having such a preference for a hotel that I rarely, if ever, even try a competing hotel in the same location. Staying at a hotel just to earn points has nothing to do with loyalty.

Point based programs work well for large hotel chains, but at the level of Four Seasons most properties are sufficiently differentiated that there is no need to offer points as an incentive to book. Of course, these hotels do lose some business from people who choose to stay where they can earn points, but that is still less costly for them than the risk of dumbing down their hotels by offering points.