You know, I just read the Snopes version and remembered reading that many years ago when I first heard of this Elan/hotel california connection.
Snopes interpretation is as good as any, but it is based on some loose statements made by Frey.
I think the real meaning of the song would need to be explained by Glen Frey, but then again, songs kind of take on their own meaning to those that listen and interpret them on their own.
Unless of course you watch "the video" which ruins all indpendent visualizations of music, imo