Is it possible to renew the STV visa multiple times in Thailand, and what are the renewal requirements?

>I plan on cancelling the hotel reservation because I don't want to stay in the same location and the flight back as well because I plan on renewing the visa.

You do not want the STV. The STV is designed to allow a person to stay in Thailand for 270 days, who already have long-term accommodations. This visa is designed for people from cold nations to escape the snow during their winter time.

Different immigration offices require different documents, but Bangkok Immigration and Nonthaburi Immigration require a pre-paid hotel room WITH the tax ID number before issuing the 90 day extension of stay.

If you will be in Thailand for less then 90 days, please get a Single Entry Tourist Visa. If you will be in Thailand for less then 60 days, please enter on a visa exempt (if you are from a visa exempt country).

Different consulates may have slightly different requirements, and the paperwork person A has to submit may not apply to person B.

Extension requirements (summary) on STV

You have to show a fully paid contract for 90 days, including the Tax ID of the owner or business you contracted with. Not easy to cancel if possible at all.

You'll need to show this same thing each time renew for the next 90 days.

You're also going to need a criminal history check and a higher level of insurance

Bottom line...

You will be asked to prove and provide the requirements for the STV visa on application...and again and again on its two extensions

Meet the requirements and you will get your STV visa and extensions.