There are one or two interesting operators in AZ but not in Flagstaff/Sedona (which is a major tourist/travel area by the way).

You do not want to buy in the markets right now that are used for tourist principles in real estate investment, because the secondary market is when the market collapses, pull back first.

So if your locale is attractive to tourists and your listing is available during desirable times, occupancy rates are much higher.

I would be looking into areas that are still growing like the international drive area which is really close to most of the attractions and flooded with out of state tourists.

(Locally Anaheim & Palm Springs are also heavily regulated, even though these are historically tourist areas). 

It's a huge tourist and business city.

My assumption would be tourist heavy countries such as Mexico, the Dominican Republic, Costa Rica, etc. 

Tourists, because it is next to a national park?

Here are a few other things to consider before jumping in:Location: Choose a location that is desirable for tourists or business travelers.

I mean for crying out loud there should be nothing but perfect roads in that county for all the money that comes in from tourists and there ought to be plenty of money to handle the trash situation.