It's a small settlement, with a few posh accommodations, including the famous Fairmont Chateau Lake Louise and the Post Hotel and Spa.

WSJ: Smooth Skiing at Canada's Rocky Mountains

Opened in 1890, just two years after the Banff Springs Hotel and just 50km to the northwest, Chateau Lake Louise occupies an equally scenic spot.

BBC: Canada��s spectacular ��Castles of the North��

Opened in 1890, just two years after the Banff Springs Hotel and just 50km to the southeast, Chateau Lake Louise occupies an equally scenic spot.

BBC: Canada��s spectacular ��Castles of the North��

The lake is where you will find the Chateau Lake Louise, which, depending upon your opinion, is the best thing since sliced bread or a lump of human intervention dropped into paradise.

BBC: The natural wonders of Banff and Jasper National Parks

In his latest acquisition the 69-year-old Icahn is putting into play such Canadian landmarks as the Banff Springs hotel and Chateau Lake Louise, because he sees the luxury hotel firm as undervalued.

FORBES: Billionaire Icahn Buys Into Canadian Hotel Firm

But Fairmont is trying to lure visitors with a new "Cruisin' the Canadian Rockies" package, which kicks off in Banff, an hour-and-a-half drive from the Calgary airport, and includes two nights each at their three luxury Alberta resorts: the JPL, the historic Chateau Lake Louise and the Fairmont Banff Springs .

FORBES: Rocky Mountain High, Canadian-Style