We're going to be in St. Augustine for a couple of nights in August and we have booked the La Quinta near the outlets.
It received very good reviews on Trip Advisor and I am paying 58.50 per night with a AAA rate. Here's the hotel's website. I found the cheapest rate booking directly there.
We stayed at the Fairfield Inn & Suites which is very new (opened last year) and is also across from the outlets, right by LaQuinta in fact. We thought it was a great hotel.