We stayed there last winter using points. The rates are very good so I was torn between using points or just paying the rate (something like $50US). I ended up using points becuase it is only a Cat 1 hotel and we had weekend nights included at the lower point redemption rate.
The hotel is relatively new--not a conversion. It does sit by itself and Canmore is not exactly a hopping town, but the price was right. They have an outdoor hot tub and the restaurant had an Italian menu.
All and all it was one of the better FP's I've stayed in.