I'm referring to the song alone, not the album. And although I don't think the answer is an absolute "yes," if only because you can't reasonably pick one, if I did have to pick one, this might be it. I have trouble coming up with something that I would definitely place above it, or alongside it: Springsteen's "Born to Run," maybe, or another song from the album of the same name.
Anyway, it's a great song, and a great recording; i.e. it isn't the song alone, but the whole package. What do I mean by "great"? Well, aside from musical excellence, I have in mind some sort of depth and scope, something that gives the recording a broad cultural significance, and maybe even more. As a commentary on the decay of American society, and specifically of the decay of the phenomenon we call "the Sixties," "Hotel California" is profound.
And it is musically brilliant, in writing and performance: the imaginative and decidedly atypical (for pop music) chord progression, the odd but mysteriously effective dub-like rhythm, the lyrics which brilliantly describe a place devoted to sensual pleasure which "could be heaven or...could be hell," where the inhabitants
...gather for the feast
They stab it with their steely knives
But they just can't kill the beast
and from which there is no escape, as described in the lines which have become part of our culture:
You can check out anytime you like
But you can never leave
And the dual electric guitar breaks which are up there with "Sultans of Swing" in Guitar World's list of classics (#5 and #7, respectively).
I posted a shorter version of this on Facebook, and got a certain number of "I hate the Eagles" responses, several saying their music is bland and boring, and referencing that scene from The Big Lebowski:
I'm not a big fan of the Eagles. In fact I've always disliked the song to which The Dude is reacting in that scene. I like some of their music well enough, especially the Desperado album, but it's not music I go out of my way to hear, and I never bought any of their albums. (I might have bought Desperado, but I was working in a record store when it was released, and heard it enough for a lifetime.)
But "Hotel California" is different from everything else they did. Whatever you think of it, "bland" and "boring" do not apply.
Forty years on, the song's metaphor continues to be applicable to the country. It occurs to me that it represents an end point to something initiated or at least recognized in the Beatle's "A Day in the Life" approximately ten years earlier. "A Day in the Life" sketched an alienated culture and suggested liberation through drugs. "Hotel California" is where that trip ended.