Overall rating is based upon hotels within this class
Physically and service-wise, the hotel is mediocre if not a little run down. It seems as though some renovation has been done, but there is peeling plaster and the outside really needs to be painted. It's probably tough keeping a hotel up when you are in a rain forest. The beds were very comfortable as was the bathroom.
The big question is whether or not it is worth the US$300+ per night to stay here. It should be obvious that the only reason you would consider staying here is its location within the park. Without a doubt, as a hotel, it would over priced at half that rate. Amazing that Sheraton associates their name with this property, but as a brand, Sheraton has been fading for a long time because of properties like this.
So is it worth it? Consider how important it is to make the most of your visit to the falls. You've likely already spent about US$400 to fly from BA, and if the visit to the park is the highlight of your trip, staying here will make it SO much better. There are several factors to this: 1) Beat the crowds; this is a big deal. You literally can walk from your room to the first trail in under 5 minutes. The park officially opens at 9, but two days in a row, we entered at 7:30 and had the trails, birds, monkeys and coatis almost to ourselves. Same thing for after hours 2) One of the best parts of the visit is a ride up the river and close to the falls. You will most certainly get wet and REI does not sell a rain coat that will save you. It's really nice to have a room to change into dry clothes and head back inside. 3) Sunset happy hour on the deck overlooking the falls will be one of the best experiences. 4)Monkeys sometimes make visits to the room balconies -need I say more?
Downsides (besides the room rate) 1) You are captive to the property. There is one restaurant, nothing within walking distance and no evening entertainment. 2) The service while polite enough, was not in keeping with a $300 + South American hotel.
Tips: 1) Jungle view overlooks the parking lot before you see the jungle. Obviously it would be nicer to be on the falls side, but I would not want to pay a lot more for it because if you are mainly in your room after dark, you can't see them anyway. 2) Pick up some wine/beer/refreshments/snacks before you get to the hotel. Other than the empanadas, the snack bar food is pretty awful. Rooms have minibars with a little space to put your own things 3) Lots of good and trustworthy taxis from the airport. It's about 15 minutes and US$15 each way. 4) 2 full days is enough time. 5) buy the boat ride excursions, they are worth it.
Normally I avoid using TA to rant, but this one is illustrative of the service shortcomings: We discovered that our room would not lock after the first night and it was reported in the morning, asking that it be fixed before we returned. Came back and it was still unlocked. Reported it again and waited in the room; service guy showed up and claimed to have fixed it. Said that it would take someone else to fix it. Meanwhile, being stuck in our room, missing park time for over an hour, I requested a new room which they arranged. We packed up and moved to our new room, the deck up which was tarped over for the exterior renovation. I let the manager know, said he was sorry but basically, that was our tough luck. They act as if they are the only game in town! ...oh wait, that's right, they are.