My experiences at this property largely mirror those of thaliajen (and it seems many others) and based on those experiences I would 1) not be likely to stay at the property unless I *really* needed the stay credit and 2) would never recommend it to friends/family.
I've stayed at many of the major chain hotels in ANC and there are plenty of better options - the CC being one of them. The Hilton has treated me incredibly well over the years and even the old Hawthorne Suites (next to Benihana - it may have re-flagged) was more consistent in treatment and nicer than the Sheraton.
I don't need to play upgrade shenanigans with the Sheraton - especially in the off season, and get a hot room that won't cool down and a lounge with little to offer (other than a nice view).