Two comments:

1. HP carries less business pax and more leisure pax than most others [midnight flights, vegas as a hub, fewer % of first class seats to coach than other carriers, etc.]; hence, only clubs at hub cities since no economy of scale to develop clubs at non hubs other than through reciprocity.

It does not seem to be in the corporate strategy of HP to open new clubs at non hub destinations. Therefore, the reciprocity arrangements are key to the value of the membership. This introduces a much higher level of risk, since the value of your membership is not in control of HP itself other than via HP's ability to negotiate and maintain reciprocity arrangements.

2. I would be very hesitant to purchase a lifetime HP membership. I don't want to open a can of worms, but strategy-wise, I think HP has made some critical mistakes of late, and I think this will be reflected in earnings in future quarters. Just my opinion. But if it were me, I would not invest in any "perpetutity" type instrument with this carrier right now. That is too bad, since really, lifetime memberships are far and away the best deal (at least if you are under 50 or so).

If you didn't live in PHX, I'd advise you to get a CO/AA/DL/UA membership. Are there any other clubs at PHX walking distance to your HP gates?