I have not stayed at that particular hotel, but I did stay at one very near it last July (2010). I don't know your particular situation, and everyone is different, but my family will not be going back to Cocoa anytime soon. There were many "strip clubs" and "adult xxx" book stores in the nearby area. There were many "shady" people running around at all hours of the day and night. To top it all off, there was a knockdown, drag out fight right outside of our hotel room, and security and police were very slow to respond. This was a Comfort Suites hotel, so we never imagined it would be that way.
My poor kids learned all kinds of new words that night, and we were thankful it didn't end it gunfire, it was that bad.
My dad lived at the Cape when we were kids, and Cocoa was much nicer back then. If it were me, I'd go to Clearwater/St. Pete, which is also 60 miles from Disney. Good luck to you, hope you enjoy your vacation!