You only need the hone adult AP to get the AP rate (if available for your dates). Combine this savings with the others you get with an AP (and possibly the DDE, if you do a fair number of TS meals) to figure out if it will save you anything.
The standard room with the AAA discount would be $116.00 a night before taxes and a king room/water view room is $128.00 before taxes. It is a good rate since it is 20% off and beside AP discounts they isn't anything available.