Introduction
In the contemporary world, the rise of travel and tourism industries has shown a tremendous resilience, which has been among the main contributors to the growth of hotels real estate in various countries. Thailand is among the countries that have been significantly affected by the geopolitical tensions and economic instability. In 2008, Thailand experience violent clashes that resulted in approximately 9 percent decline in average tourist spending. This also resulted in the closure of the international airports, which consequently decreased tourists and investors' confidence. However, over the past few years, the country has experienced tremendous growth in the tourism ...