There are many more modestly priced hotels in Anchorage. The Sheraton is nice, but watch out for the tour groups and thier charging guides.
We stayed at the "Mush Inn" a number of years ago and had a great time. Not the Shearton but a lot more fun.
Mush Inn Motel; 333 Concrete St;Anchorage, AK 99501; Phone: 907-277-4554