There is a campground right in the Waterton townsite. It is between the lake and a large waterfall. Doesn't get more scenic than this. Reservations recommended.
The town of Waterton is not far from the entrance to Waterton Lakes National Park. Most of its services are designed with the park-goer in mind. The famous Rocky Mountains and the equally-famous western prairies, with their unique landforms and life forms, merge here. The Prince of Wales hotel dominates the landscape at the north entrance to town, anchored firmly to the ground in defiance of the strong winds that blow around it. You can enjoy a stroll on the shores of Upper Waterton Lake to the east or hike up to the town waterfall, Cameron Falls. Beauty surrounds you everywhere you look.