By the time I got through immigration in Toronto it was around 1AM, and my flight the next day was scheduled to depart at around 1PM. So I decided to book the only hotel connected directly to the airport, which is the Sheraton Gateway Toronto Airport.
The price for the one night stay was 230CAD (~175USD), which isn’t cheap, but seemed worth it for the convenience. As a point of reference this is a Category 4 SPG property, meaning that a free night costs 10,000 Starpoints. Since I value Starpoints at ~2.2 cents each, paying cash was the better option.
I was arriving on Air Canada and departing on EgyptAir, and they both operate out of Terminal 1. Meanwhile the Sheraton is connected to Terminal 3, which is the terminal used by most non-Star Alliance airlines.