Stayed at the Caribou for a week during February 08 and loved every minute of it.
The hotel is located just on the outskirts of Banff town, we walked in most evenings and it took about 7-8 minutes, depending on how cold it was depended on how quick we walked. There is also a free bus which regulalry and frequently stops just outside the hotel and takes you to town and around, you get the free passes from reception.
The room was spacious with 2 queen sized beds, clean and tidy, the only downside was like others had mentioned and that was the lack of storage space, it did not ruin our experience but another drawer would have been nice.
We had breakfast at the hotel every morning which was superb, set you up for a full days skiing, most evenings we had a drink in the hotel bar and maybe some nachos which are a must after a full days on the slopes.
Would definitely stay at the Caribou again and would recommend to anyone.
Banff itself is picture postcard beautiful, it is geared up for tourists, loads of restaurants and bars all withing walking distance.

Stayed at the Banff Caribou Lodge over Easter 2008 while skiing. The hotel is at the eastern end of Banff Ave, the main road through Banff, a short walk (about 10 to 15 minutes) from the main shopping/restaurant centre of Banff.

Enjoyed the stay very much, finding the hotel clean, tidy and relaxed with welcoming, friendly and helpful staff and very well set up for skiers. The (28 person!) hot tub was great way to relax at the end of the day as was the steam room. The restaurant did a good breakfast spread - fruits, cereals cooked dishes etc and did great stakes in the evening. However, if you are not a big red meat eater the menu choices can get a bit limited.

The only slight grumble was the size of the room; having booked through a UK tour company we had paid an ‘under occupancy surcharge’ for a four (adult) person room and so I expected to get a room of an appropriate size for 4 adults. However, our room appeared more typical of a North American double – size, layout and storage space etc.. It was ok (just) for two adults and one young teenager but four adults or a family of four would have found the room very cramped.

For skiers, the ski buses for the three local ski areas stops outside the hotel, its about the third pick-up/return point on the route. Although the ski buses can get busy at peak morning and afternoon times as soon as one bus is full (all seating - no standing) the bus staff call for another bus, which promptly arrives – it’s the best set up ski bus service I’ve experienced.

Despite the grumble over the room size I would definitely go back to the Banff Caribou Lodge, but would look into booking it, and the rest of the trip independently.

We stayed at the Caribou a few weeks ago and thoroughly loved it. The Restaurant and bar were superb and the staff couldn't be more helpful. The spa's just what the doctor ordered after a day on the slopes, although it became quite busy early evening.

There's a free bus to the shops & restaurants right outside if your legs are tired from skiing.

We're returning to Banff at Christmas 2008 and tried to book the Caribou but it's full. So we're having to stay elsewhere unfortunately.

This hotel is a gem! We were at a five-star hotel at Lake Louise the day before, but in NO WAY do I feel that we have "stepped down" to this hotel. Everyone is so helpful, the room is comfortable and fairly spacious (we have the luxury 2 queen room), and WOW... no wonder it is rated number two in Banff. The restaurant and bar are always filled with people (and this is the supposed "low season") and there are Tour buses coming in constantly. This is truly a hotel that I would come back to. My husband and son are skiing as I write this ~ I am in the room taking advantage of the high speed internet access. This morning, I had a Relaxation Massage at the Spa located on the premises - reservations are suggested - I tried to add on a facial (I had booked a week in advance), but they were having to turn away clients. A wonderful massage experience. There is also a large whirlpool accessible to all guests. After spending a day walking around Banff and accessing other hotels en route to shopping, I know we made the best choice staying here. Highly recommended.