Is this the "third owner of the hotel" syndrome at work?

First guy with a dream spends way too much building it, misses the first busy season and goes Chapter 11 in less than a year.

Second owner gets it for 50 cents on the dollar and makes a go of it, but the debt payments are still too high.

Third owner gets it for 10 cents on the dollar and makes a long term profit.

I think we are between the second and third owners right now....