So, the basic unit of meaning in the song is the couplet: "Her mind is Tiffany-twisted, she got the Mercedes bends/She got a lot of pretty, pretty boys she calls friends."
Looking closer, you can see that each verse in the couplet has two parts – a result of the way the music was written to accommodate pauses in the rhythm.
Finally, "Hotel California" could be considered a ballad, because it tells a story in song-form. The story begins with a man driving down the highway and feeling tired, and it ends when he cannot escape from the hotel where he stopped to rest. Don Henley's songwriting is impeccable in this song, as he manages to create not only a very distinctive setting (this crazy hotel in the middle of the California desert), but he manages to create suspense and completely change the general mood of the song.