I have been told that it will, and will confirm that tomorrow. If you have, or hear of, any problems please let me know about them.
Both blocks (Sheraton and Fairfield) should work with their respective rewards programs. Also: Neither block has any attrition clause, so if you can get a better rate on your own, I have no problem with you using that instead of our block. There will be a check-box on the registration form asking where you are staying, and whether you used the block, but it will be for informational purposes only so that we can understand, and let the hotels know, where our people stayed.
Sky NA 2007 Midnight Blue
Sky RL 2008 Carbon Flash - Naked