R.K.
Hi M.,
I took my daughter to Coco Key last winter (she was 2 going on 3) and we had a blast. The water park is amazing. There are tons of things for kids and adults. We booked a room and the Sheraton is really nice. It is an older hotel but they have done a great job keeping it up. There is also a regular pool and hot tub for guests of the hotel only and it was nice to go there when the park was busy and we just wanted to get away. There was only one other family in the guest only pool. I highly recommend it!
The room I booked came with 4 waterpark passes and it was under $200.00.
Let me know if you need any more info.