One problem with tying the fee to net worth is that wealthier individuals may be more likely to have their wealth in trusts so they may actually have "fewer assets" than a poorer person.

Just a definitional issue. If you are a beneficiary of a trust and can rely upon it, then it is effectively your wealth.

And if you are released early, somebody else will probably get that bed and they too will be paying the fee. I bet they are double and triple collecting on a significant number of beds.

It's a travesty. Even Marriotts don't take more than 50% when someone cancels their reservation.