Phuket City Patrol Police were called to the apartment building, in Soi Laem Hin, Moo 7, at about 9:30pm.
Officers arrived to find blood stains on the floor and on the bed in the room.
Police were told that three men staying in the room together already had been taken to Vachira Phuket Hospital for treatment of their injuries.
Of the three men attacked, Suksawat Srirakhot, 31, was stabbed in his left chest and stomach, and suffered deep cuts to his right arm.
The other two, Damrong Suksai, 26, and Kittiphot Khamsopha, 25, both suffered heavy bruises to their head and bodies.
Witnesses told police that the assailants, about 10 men in total, arrived in a car and on four motorbikes.
They parked near the building and walked inside directly to the room where the three men were staying.
The assailants ordered the three men to open the door. After not receiving a response, the men kicked the door until it opened then proceeded with their attack.
Police believe that the motive for the attack was that one of the three men staying in the room had not returned a motorbike he had borrowed.
Police said they are now checking CCTV footage of the area in the hope of tracking down and identifying the assailants.