They have Boyds on Stock Island, which is right next to Key West about 1/4 mile or so from the island and about 3 miles from Duval Street. Nice and quiet. I can't remember the one downtown's name, but it was always extremely crowded and EXTREMELY expensive.
Way back, We stayed at Key Largo and paid about $125 per night right on the water in a canal but was looking right out to sea. Awesome sun sets. Took day trips to Key West and made stops along the way. Expensive is right but would do it again.