Dear all,
It won't be an IC. It will be fully managed by the owner.
Source: the current assistant GM in a mail to me when I was enquiring about CNY booking next year.
Extract:
"Mandarin Oriental is proud to have established Mandarin Oriental Dhara Dhevi, Chiang Mai as one of the best resorts in Asia since it began managing the property in 2005. However, the Owner and Mandarin Oriental have different aspirations for its management and long-term development. As such, we have mutually agreed that Dhara Dhevi Hotel Company Limited will resume the management of the property with effect from close of business on 31st August 2013. From that date forward, the hotel will be called The Dhara Dhevi hotel.
The Resort Owner will handle current and future bookings and current booking remains valid. However, as of close of business on 31st August 2013, the Resort will be called Dhara Dhevi Chiang Mai."