I chose to stay at the FPSheraton because the friends I was visiting live very close to the airport and so it was an ideal location for me, since this hotel is about 7 minutes away from El Dorado airport (if there's no traffic jam; otherwise it could take around 15 minutes or more -like when I went). The hotel has its own shuttle service from and to the airport; for the price I paid (US$98 p/night) I think it's good value for the money since the room was very spacious and comfortable (althought the view -room 307-was not the best: the internal part of the complex where the hotel is located and I'd wished it was a view to the mountains or the avenue in front of the building); the staff was very, very gentle and the breakfast (included on the fare) was above average.
Please note that the hotel is located a bit far from the city centre and the northern part of the city. It's in a nice and quiet residential area and it has some few restaurants around it (pizza, crepes and so), but apart from that there are no more things to do or see outside the hotel, so you have to take a taxi to go to the interestings parts of Bogota. Expect to pay around US$ 5 or 6 to go downtown and some US$8 or 9 to go up to the north (where must of the luxury restaurants, bars and shops are located).
An excellent option for those having to stay overnight at BOG due to an air connection and a good one (but perhaps not the best due to the distance) for those staying longer in the city.