Sleep/Suspend is the action that computers take when, after a period of idleness or when triggered by a lid-close, the machine suspends all operations and saves info to RAM. This allows the machine to preserve some power until the next user interaction, when it will resume.
Windows machines have a functionality called "Hibernate" that saves the state of the computer to the HDD or SSD so that the device can shut off completely. Hibernation is not a part of Chrome OS or CloudReady because they are designed to have a faster boot time, to use web apps that save state automatically, and to resume browser sessions on startup (if desired).
On Chromebooks and CloudReady sleep/suspend behavior are fixed to defaults (except whether to lock when sleeping) unless the machine is managed in a G Suite domain.
If your computers are not managed: Your machine will automatically go to sleep in 8 mins if plugged in/ 6 mins if unplugged. These settings cannot be changed from the computer settings on Chromebooks and by extension on CloudReady machines.
If a machine has been enrolled and is managed: You can control sleep/resume behavior primarily from the Google Admin Console.
You can control how long a machine idles before sleep, and whether to sleep, logout, or lock when idle OR when a laptop lid is closed. These settings are found under Device management > Chrome > User Settings > Idle Settings.
You can also control whether a machine will stay awake or sleep/shutdown (model-dependent) when idle at the login screen, schedule a periodic reboot, or disable users' ability to shut down from within the UI. These settings can be controlled under: Device management > Chrome > Device Settings > Power & Shutdown.
Finally, there's a way to keep your Chromebook, CloudReady, or any other computer running a Chrome browser from sleeping. Installing the Chrome Extension (via Chrome Webstore) called "Keep awake" will let you shift between no change, preventing sleep (but allowing screen to dim), and keeping the screen on.