If you haven't gone to Banff Bike Fest, you must go. It is the most beautiful stage race in Alberta, and you can invite your significant other along to make up for the previous race where you made them wait on the side of the road for 3.5 hours in the middle of nowhere. In the rain.
If you are going to BBF, here are some hotel options:
1. Ptarmigan Inn. This hotel is in an excellent location right on the crit course, and you can easily walk to the downtown coffee shops and restaurants. Free underground parking (useful for spinning if it's raining out), free hot breakfast, and of course, free Wi-Fi. Many STC members usually stay here.
Use the promotional code "bikers" to get the $139/night standard room rate and $154/night superior room rate. At this time, only the superior room is available for all 3 nights, but it's still not bad compared to nearby hotel rates.
Ptarmigan Inn
2. Other hotels with the "bikers" promotional rate. If you don't mind staying a bit away from the town centre, or in more budget-minded accommodations, check out some of these more affordable options:
Other Hotels
3. Nearby hotels to the Ptarmigan Inn, if you still want to be close to the action. These hotels are the International Hotel ($150/night on Booking.com) and Banff Aspen Lodge (was $210/night but seems to be sold out).
4. Hotels in Canmore. I haven't looked into these, but that is certainly an option if you don't mind driving in each day.