Location of these hotels doesn't make much difference in Guangzhou. Both are walkable around the centre. Things may have changed since I was a regular pre-Covid but this is one of the very few occasions that I would recommend a W over a Sheraton because (a) the W here is one of the very few of the brand that has a lounge with evening drinks and booze for elites; (b) I almost-always got upgraded to a very nice suite at the W which was significantly more plush than anything at the Sheraton; (c) the W has a wonderful spa area where you can relax in your downtime.

Guangzhou is a much more normal tourist-friendly city than Shenzhen and I used to go there regularly when I tired of escaping to Hong Kong.