Another option no one has mentioned (probably for fair reasons) is the Kananaskis Mountain Lodge - an Autograph Collection hotel. I stayed at this hotel once years back when it was the Delta Lodge at Kananaskis. It definitely doesn't have the pedigree of the Fairmonts, Post or Rimrock and it's not located in a pleasant tourist town like Banff or Jasper, but it might be worth researching online if you want to check all possible options.
It's sort of on its own in Kananaskis country, a provincial park, which is kind of in between Calgary and Banff National Park. So, you don't really get to walk around in a nice town with different shop and restaurant options. But, from my understanding, there's still lots of outdoor activities on offer in Kananaskis and it could suit some who are looking for more of a value option while still getting a 4-star (not Luxury) standard.
While I love Kananaskis, there are essentially no activities besides hiking and golfing (at the one course, which I think is still only partially open after some devastating floods a few years back) in the area. It is also worthwhile noting that there is *no* town there at all. There is a hotel. That is it. And it is a 45 min+ drive to Calgary or similar to Canmore to have an option to eating at the on-site restaurant. While it was recently renovated, I wouldn't say it comes anywhere near luxury. All of which you note -- I just wanted to emphasize that once you are there, there is quite literally nothing else to do unless it is outdoors, and nowhere else to go.