I have stayed at the Fairmont in Banff and visited the one in Lake Louise (they are now part of Le Accor hotel group). Banff is town where as Lake Louise has only a few shops and no real restaurants. They are about an hr away from each other. I would suggest staying in Banff and visiting Lake Louise (unless you don't plan on leaving the hotel, which is lakefront, for meals). Both areas are in the same national park so you will need to buy a park pass upon entering the area.