If we are using the southbound arrivals track (22L usually), then we fly right over the Sheraton on the approach, at maybe 1000 feet or so. You won't be able to get any A.net quality photos or catch many regs, but you will see a lot of traffic overhead. If we are using the northbound arrivals and departures, then you will definitely be out of luck, as we are probably way too high at that point for any decent spotting, too far west, and more than likely making some turns AWAY from your location.
However, the Sheraton itself is a nice hotel, with a large atrium enclosing the lobby through about the 5th story of the place, with a pool inside the atrium and rooms with balconies overlooking the pool or restaurant. I've been to a few retirement dinners there in the past, and it's really pretty close to the airport. Last I knew, there were regular free shuttles to EWR