On the plus side, the room size and layout was fantastic. Pool was awesome. Hotel location and restaurants were really cool too!
We feel there were 3 key areas of opportunity the hotel could improve upon. Keep in mind, this is through the context of Ocean Key being classified as "4 star" and its premium price to the Key West market.
(1) Room was recently renovated, but was dirty/unfinished/poor details. Housekeeping did not know how to clean floors properly, leaving sticky film residue and old hair everywhere. There were paint and finishing blemishes all over the place. The shower only had half a door, so water sprayed everywhere. Bathtub in the bedroom did not drain and its faucet did not function properly.
(2) The beds were the worst we've ever slept on, and this includes budget-friendly 3-star hotels. My wife and I felt like someone beat up our backs each night, and as a result we slept poorly. Case in point: when we got back to the Midwest, we stayed at a basic 3-star Hilton and their bed seemed to "heal" our backs from Ocean Key. This applies to the sofabed too per our 8-year old daughter.
(3) They do not know basic definitions of coffee. If you are serving breakfast, it's vital to get coffee right. We ordered lattes through room service but got crappy drip coffee mixed with milk (not a hint of espresso to be found).
In the end, feeling dirty and sleeping terribly/being sore from the beds offset the location and pool.