Shangri-La - 1st choice -by far over Sheraton.

Sheraton price includes a % premium for being on Nathan Road, and also caters for more group bookings (in pre C-19 and demonstration times....)

Shangri-La is between 5 & 10 minutes walk from Nathan Road, and you can go off in many easy tangents to see some of the other roads and restaurants.
In February, the weather for a walk should be fine, but if wet / cold, you are literally at an MTR entrance (East TST) and you can walk underground through to Nathan Road / Avenue of Stars, or even further to Canton Road / Ocean Centre.

Access to water front from both is relatively short.

Grand Stanford - 5 minutes further down Mody Road is equal to Shangri-La, if anything, maybe giving a bit more of a personal feel.

Hope that all C-19 travel issues are sorted in time for your flights / cruise.