I stayed in the Toronto - Sheraton Toronto Airport Hotel and conference centre earlier this month, its a cheaper alternative than the Sheraton Gateway in the terminal. We had room 723 which gives the below views. If its not a full on spotting visit then its suitable alternative and considerably cheaper to a downtown hotel (if there is no convention on), Its is a good standard with a small pool and nice bar area.
landing on runway 24R
landing on runway 23.
https://maps.app.goo.gl/qHoc2TFmzCpmCJyB6
I can highly recommend the local Jack Astors Bar and Grill, which is a short distance away where, if you sat in the right seat at the bar, you can see the inbounds to runway 24 or provided you don't all leave the restaurant at once see them from the front entrance.
