I have spent great amounts of times (like months) at both the Cook and the Sheraton. Cook is more dated, but made to look like it is supposed to be. Kinda a theme..circa 1850..The Sheraton would like to look newer, but infact is stuck in 1978.
Lots to do in ANC. I recommend you go to the Alaska Air board and start chating with those folks. There are some cool Ft'ers to meet up that way.