I just stayed at the Sheraton BsAs this past weekend and had a very pleasant experience. Nothing extraordinary, but the room was quite nice (exactly how it looks on the web page). Didn't receive any real upgrade as SPG Gold as far as I could tell, just a room on the (high) SPG floor, with I guess what would be called a river/city view. Location was very good, not excellent, but taxis are plentiful and CHEAP (nothing we took was more than US$3 incl tips) and city traffic wasn't all that bad, particularly on the weekend (NOTHING like Sao Paulo!)

All in all a very good use of SPG points (reward stay, Cat 2). Could have done $ and points for roughly same # of points plus US$60/night at the Park Tower, but I don't think it was really necessary, Sheraton was absolutely fine.