Well, ok then. "Recurring electrical issues and unforeseen issues"...
Lead with the fixable, then follow with the vague "unforeseen", real underpinnings. Unfortunate, to be sure. There seemed to be a real, concerted effort to revive this gem. When I spoke to the restaurant manager last year, he described a pretty aggressive plan that was in place to make it happen... perhaps too aggressive.
Great location on the beach, rooms looked nice, restaurant set up looked good.
I hope the new ownership, whoever they might be, have the vision and resources to make a go of it.