I'm not sure about balconies or even if you could see the ship enter the port from the hotel, but I do know that you'll have to get up pretty early to see it. The cruise line's schedule says that it arrives at 6:00am, but the ship is usually tied up by then. They no longer post the port schedule on the Port Canaveral website, but I think the port schedule used to list the arrival time as 4:45am.
Good luck!