The Sheraton Tel Aviv is in my Top 3 (maybe even #1) of SPG properties that I have stayed at. I have stayed here 4 or 5 times.

The views are awesome and I love the location (I understand though that would also be the case with the Renaissance)

The Club Lounge is pretty good- it has great views and several salads, cheese etc and one hot dish at night. The alcohol selection is good. I have found the staff at the lounge (and the desk outside) to very very friendly and very helpful.

I have had very good luck here with suite upgrades as a SPG Platinum member.

Unfortunately, I have never stayed at the Renaissance close by, so I cannot compare. I would say you should give the Sheraton a try.