I have been in a Furama hotel in Singapore, so I was quite surprised by the low price in Chiang Mai, but it seems it's been so low for a reason. The hotel is quite old and hasn't had a facelift in definitely more than 10 years. You can find problems both in the room and the bathroom that I wouldn't expect in a Furama hotel, but still it's acceptable, especially for the price.
But this is the better part - the worse is with its accessibility, especially when walking. There is only one street leading to it - and instead of it coming from the main road on the way to the Old town, it's coming from the avenue in front of Maya Lifestyle center - the local shopping mall, so if you are walking, you'll need to walk at least 10 minutes more, making a huge circle to get to the hotel. The same problem applies to the taxis or Ubers you might be using - they have to drive over 1.5 km more to get you to the hotel.
Another problem is that the hotel is considered to be "outside the city" (even though it's roughly 1.5 km from the Old town and 4 km from the airport - which means 25% higher rates for taxis and Uber from and to the airport. Again, this is not something you can't live with - but it's kind of annoying.
The good things? Room size is impressive. Also - the view to the mountain. Considering its location, it should also be quiet - but at least my room wasn't - all night, if awake, I had to count the seconds between the 1-second stops of the function of the water pumps.