Yes.
Based on over two years of careful observation, that is exactly my starting point when dealing with local people here.

I would not employ any Thai person to manage anything, certainly nothing as complex as a hotel, even a small hotel.
I would not trust any Thai person with money, even with one day's business receipts, unless there was a strong, counter-party in the background, such as a family connection.
I do not trust any Thai to do what I think they promised to do, so I am always making backup plans for important matters.

Among Westerners here -- who talk or write about this topic -- those who have depended on Thais in business matters, without sufficient countermeasures, often regret it.
It is a common topic of conversation among expats and frequent travellers.

As I have learned more of the Thai language, I've observed that the topic of "trust", or, more correctly, widespread lack of trust, in their own culture, is also a common topic of conversation among Thais themselves.

So, in the context of this thread -- "First BKK trip... advice?" -- you may well ask why I am delighted to make Bangkok my home, and why I encourage travellers to visit here.
Because Thais do some things exceptionally well.
And those things enhance my quality of life and contribute to travellers' experiences here.
Just a few examples: cooking delicious food, making simple things beautiful, treating people with gentle kindness.
But, managing hotels, and similar business organizations, is certainly not among their cultural talents.

Of course, one is always happy to find the odd exception.

If any specific questions, you are welcome to send me email or private message.

- Peter
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