Bhutan has 5 hotels in the Michelin Guide's Key selection — 2 Two Keys and 3 One Key — across 3 places, led by Paro with 2. 2 can be booked with points: 1 through Hilton Honors and 1 through IHG One Rewards. The rest are cash-only independents, listed so the map is complete.
On points
On points

3 places in Bhutan have at least one Key hotel. Cities with three or more get their own page.
5: 2 Two Keys and 3 One Key. They are spread over 3 places; Paro has the most with 2.
2 of the 5: Gangtey Lodge and Six Senses Bhutan. By program: 1 through Hilton Honors and 1 through IHG One Rewards.
Two Keys is the highest rating held in Bhutan, by Gangtey Lodge and Amankora. Gangtey Lodge is bookable on points.
Hotel selection and Key ratings from the MICHELIN Guide hotel selection; points prices and value are AwardClaw's own observations of each program's award pricing and move with dynamic pricing. Program links reflect the loyalty program a property belongs to at the time of writing — partner portfolios (Mr & Mrs Smith, Small Luxury Hotels, Design Hotels) change, so confirm on the program's site before transferring points. AwardClaw is not affiliated with Michelin or any hotel group. MICHELIN is a trademark of its owner.