I misread your question. The Code I pasted was checking if Phone2 was empty and if not, displaying the value of Phone2, which it sounds like is your checbox.
I would go with something along the lines of Peter's suggestion. You add a bool field, then you can hide or unhide that field on the admin side by doing what he said and using depends on another field and visibility condition.
You would then change the transformation (sounds like that is what you are using) to something like this:
{% BoolField ? " RESERVATIONS: <a href='tel:" + FieldToDisplay + "'>" + FieldToDisplay + "</a>" : "" %}