Kolocep Island is a beautiful location. Very peaceful and fantastic views everywhere you look. We were lucky with the weather - late October and still nice and warm with only one rainy day, and that cleared up half way through. However, if it had rained each day I think we may well have struggled with things to do as the hotel and island offer few facilities and even fewer this late in the season, when most other bars/restaurants on the island have shut.
As others have commented - a great location for a quiet and peaceful get away. Lots of good walks to explore around the island but much of the walking is not easy so don't try it in flip flops! Caught the ferry into Dubrovnik a few times and this is good value for money for the half hour journey. Dubrovnik is beautiful - 8pm last ferry home is a little restrictive but just means you need to be quite focused.
We were a little worried having read previous reviews about the quality of food provided by the hotel but were pleasantly surprised. It did lack variety at times - especially the desserts(!), but the buffet was fine and there was always something nice to choose from. It will have a fair way to go however if it is to be 4 star next year. Especially keen to recommend the fresh pasta which was prepared to order every evening by a wonderful young lady who also did omlettes and eggs for breakfast - highly recommended!!
The hotel was looking a little sad in places and walking into some of the accommodation blocks struck me as a little like entering student halls of residence. However, I am aware that the whole hotel was being closed within a week or so and being totally revamped ready for a re-launch as a 4 star all inclusive experience. I think that the hotel buildings and facilities have a long way to go to reach the standard they aspire to - but good luck to them and I wish them well. The staff and location are fantastic, we are keen to return again next year to see what they have done with the place!!