It's all and only about supply and demand based upon price point/elasticity.
Even conditioning trumps design.
Doak leads the pack on modern NLE's. I rest my case.
Bogey
Although - Doak's NLEs seem to me to involve long shot business models -either owners with thin financials or locations that were very remote. Bay of Dreams involved a winding, long drive from Cabo, Hi-Pointe was in a saturated area with an owner that did not keep the architectural features intact, Apache Stronghold suffersfrom management issues, location and colder temperatures during prime tourist season.
Apache Stronghold is still open ... and doing better these days, from recent reports.
My other NLE, Beechtree, was a mile off I-95 in the New York - Washington DC corridor! That was just a case of the owner deciding he could make more money doing something else with the land.
Most closings are about local golf markets, and most of all location. High Pointe and Lochenheath in Traverse City both closed at the same time, and there was only enough demand to support one of them to reopen. Lochenheath was the one to reopen, because there were about 50 homeowners in there who supported it so their property values wouldn't take a dive. High Pointe just had an owner [the son of my original client] who didn't care much whether it reopened or not.