I booked a trip in mid-May to Key West as a surprise for my wife. We didn't have $300 - $400 to spend for a night in a hotel, so despite the less than glowing reviews I read about the Pegasus, I booked a night there by phone for about $150. The girl said we could book another night once we arrived if we wanted too as they were not too busy that weekend.
The approach from the side street is kind of grubby, the lobby is small but efficient, and our room with king-sized bed was dated but OK for us to crash in and have a shower in the morning.
The roof-top pool and hot-tub near the back of the deck were refreshing, and the tables and chairs at the front that overlook Duval St. were great. We had a bird's eye view of the partying on the below and we were able to figure out which direction we wanted to start (being right across from Margaritaville didn't hurt). 10 blocks to Mallory Square in one direction, 10 blocks the other way to explore too.
Coming home at 4:00 and a quick swim before bed was great. (We were politely asked to leave the pool because if they let us swim at that time, they have to let everyone swim at that time, and I guess things can get pretty rowdy).
We stayed a second night.












