ANC is still a beautiful city to visit (though it is a lot more beautiful 5 miles out of town!). And while the hotels aren't great shakes, there are some superb restaurants in ANC. Partly due to the natural ingredients available (stay away from food that must be imported) and partly due to the sometimes lavish spending that can still occur in Alaska. The restaurant on top of the Captain Cook (Crows Nest?) has a great wine cellar, with some wines you'd be hard pressed to find in NYC. Quite easy to spend thousands there (and some do!).