We just finished a one night stay here. I consider my reviews generally harsh but fair. In this hotel's case, I can't speak highly enough of the property. I'd definitely stay here again.
I booked a regular king room on P+C and used a SNA. I was given a 12th floor junior suite. While the room didn't have the most upscale of furnishings/fittings, it's exactly what I'd expect from a Sheraton in terms of the quality spectrum. The room was in good shape; nothing worn, no chipped furniture. My biggest complaint is that there weren't as many electrical outlets as I would have liked.
The layout of the junior suite was very nice and we had a LOT of window area (nice) due to the shape of the room (maximized window area).
We arrived too late for the evening spread so no comment. The breakfast spread was slightly above an average Sheraton Club Lounge breakfast offerings. If 5's the average, I'd give it a 5.5. However, we didn't have breakfast in the club because we were given the option of restaurant breakfast vouchers, which we accepted (allowed us to eat breakfast until 11AM; the lounge stops serving at 9).
The lounge was well stocked with drinks overnight. I went into the lounge and grabbed a couple of diet cokes for us at around 11 PM.
We asked for and were offered the option to order off of the menu in the restaurant rather than do the buffet there. We ordered off the menu and ended up not paying an upcharge - I fully expected to pay for ordering off of the menu.
The gym was small but had everything one would want from a hotel gym.
The staff was great. Everyone was very friendly and helpful.
The first floor/lobby looked nice, but the rooms are going to need a refresh (renovations) sometime in the next few years, as the bathroom's a bit dated and there's a shortage of electrical outlets. My recommendation to overcome the electrical outlet shortage issue is to either have bedside lamps with electrical outlets or power strips.
For those that are unhappy with the ANC Sheraton, I recommend you stay at the Alyeska in Girdwood (half an hour outside of ANC). Beautiful hotel; supposed to be the nicest hotel in the state. We got a room there one night at a rate comparable to the Sheraton. And if you do, definitely eat at their Seven Glaciers restaurant - you'll need reservations well in advance or eat at the bar. We ate at the bar, as we weren't able to get a table earlier than 915PM.