VK, I strongly suggest that you avoid traveling to Bangkok around election time if you can reasonably reschedule to a different time. If there is unrest, then yes life in your 5* hotel will carry on regardless. However, I suggest you book hotel cars to and from the airport with a meet-and-greet service inside the terminal (you probably do that already, but it is worth saying nonetheless!) and ditto for any other travel you need to do around the city; and do all the things I advise my 14-year-old daughter to do when travelling UM – make sure you have your phone fully charged, be alert, keep your valuables close, and (not applicable to my daughter) stash cash and assorted credit cards in different places so there is a good chance you will end up with something, and memorise a few useful numbers. I would also make sure you have the local number for your country’s embassy and, if your Foreign Office (or equivalent) offers the service, register on their system as a traveller to Bangkok so that in an emergency they can get hold of you and (if worst comes to worst) evacuate you.
I know this sounds alarmist, but these are all easy and simple precautions to take, and better safe than sorry. None of this should put anybody off traveling to Bangkok or elsewhere in Thailand – we go several times a year and it is one of my favourite countries. The politics are ugly, though, and although most of Thailand’s coups (it has had about 20 since WWII) are relatively peaceful, the next one might not be.
Oh, and when His Maj finally succumbs to old age or illness, get the hell out of there. If I am in Bangkok when that happens, I am booking myself on the first flight out. The whole country will be in shock and mourning for a while, but then heaven only knows what will happen.