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鈥淲e believe the requested action is beyond our jurisdiction,鈥� said Banff Mayor Corrie DiManno.

The federal government has pledged $3 million, and the Alberta government is contributing $2.5 million.

"I don't think the wild-west approach of not having a cap and just letting the market do what it will is actually appropriate in this case."

Jasper represents $625 million in annual tourism spending and accounts for 25 per cent of visitor spending in the Canadian Rockies.

The resort will be operated at a reduced capacity for the immediate future 鈥渢o prioritize safety and ensure an exceptional guest experience,鈥� according to Fairmont.

"Jasper鈥檚 just starting to see the light of day from this horrific natural disaster, and then to be faced with what鈥檚 essentially a corporate disaster."

Initially announced in June, the transaction includes a renewable long-term lease with Parks Canada, with nearly 30 years remaining.

鈥淲e鈥檙e Jasper, we鈥檙e tourism, and if we don't have the tourism, where are we going to be?鈥�

"We鈥檙e expecting these to be relatively short-term fixes because most of the hotel rooms are not really long-term occupancy units."

From Aug. 12-16, Tim Hortons locations offered guests a fundraising doughnut for $2 and donated 100 per cent of the proceeds, excluding taxes.