W Montreal is very nice and is located right beside a metro station. It is, however, somewhere out of the way if you want to work.

In terms of value for money, if you don't have status, I'd go for the Sheraton over the LeMeridien simply because the rooms at the Sheraton are pretty much standard. As a non-status member, you'd just get a room at a lower floor. The LeMeridien has many different types of rooms. YMMV.

If you go to the gym, the Sheraton is also a better choice.