I think this has been made pretty clear but I will chime in with further clarification, as I understand it:
There is a poor management company in town that used to manage 3 hotels, 2 off the beach and one on the beach (the original). Recently, the owners of the beachfront hotel realized that the management wasn't very good and changed management and renamed the hotel to Playa Palms. The poor management company, being as poor as it is, never removed the property from their website. The property is under different management now and the old, Banned, company has no involvement AT ALL in the property. The poor management company still manages 2 other properties in town, neither are beachfront.
The hotel you heard was closed is very open, even while currently being renovated, as the Playa Palms.