There are so many options for inexpensive (and still beautiful!) places to stay, too.
The opulence of the Dhara Dhevi will cost you a very pretty penny, but luckily, Chiang Mai is full of inexpensive hostels, hotels and inns that are so reasonably priced, you won't believe what you can get for what you're paying.
Depending on what amenities you want, travelers can find hotels as low as less than $10 USD a night (these are your very basic hostels, etc.). Still, you can stay at a reputable and beautiful spot — boutique or chain — in a great location for a fraction of what you'd pay in the US.
For another part of my stay, I got a deal on a room at Le Meridien Chiang Mai. I chose the location because is literally in the center of the night market, and I wanted to be able to walk from my hotel. With its modern decor and 20+ floors rising over Chiang Mai, Le Meridien was a far cry from the ancient splendor of the Dhara Dhevi, yet still offered exactly what I needed. The infinity pool and spa gave me a much-needed escape from the heat, and there was a restaurant and bar on site, 24-hour room service, and faster internet than I have at my own home in San Francisco. Though lacking in the Thai charm I loved about the Dhara Dhevi, for just around $100 USD a night, this place was perfect.