You can use UPdate Manager to upgrade VMware Tools without know the administrator/root password of your VMs, but take in mind that if upgrade fails, you will may need to logon on failed VM to do the upgrade manually.
About if VMs will need a reboot, it depends, see here: Clarification on (Zero-Down Time) VMware Tools Upgrade in vSphere 5.1 - VMware vSphere Blog - VMware...
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Richardson Porto
Senior Infrastructure Specialist
LinkedIn: http://linkedin.com/in/richardsonporto