While I am unfortunately not able to attend this get-together, I did want to offer my own personal review of the Sheraton in Austin. I stayed there this past fall while attending a conference in Austin, and will say that it is a fine business/upscale hotel. It is a re-flagged Marriott property that was undergoing a full renovation when I was there in October. The rooms will all be fitted with nice flat-screen TVs and the Sheraton Sweet Sleeper beds, which are quite nice. Our room had a view of the Capital, which is well-lit at night. I believe that there might be a charge for parking there. It is located on the outskirts of downtown (near the UT campus), but I found it to be an easy walk to the Sixth Street entertainment district. Threadgills would be a bit of a hike, but taxis in Austin are not expensive (I don't know if there will be a bus provided for that event). Also, Stubb's BBQ is within easy walking distance. It makes for a nice hangout - though the BBQ is not on par with what you will have in Lockhart or Taylor the following day. Hoover's Cooking is just on the other side of UT and might warrant a taxi ride, too. It was easily one of my Top 10 meals that I had this year!
All in all, for the price, the Sheraton is a quality stay. If you are looking at other options outside of downtown, I have stayed at the Marriott on the north side, which is actually in Round Rock. It is nice, and usually available a little cheaper on weekends. I have also stayed at the Marriott on the south side, by the Austin airport - it, too, usually runs a few dollars less. For me, it wouldn't be about the money - just which points I would rather accumulate!