1. Read the contract. Thoroughly. Very, very thoroughly. There is the (very strong) possibility that you're going to have a bajillion fees to consider here: from service charges for the hotel banquet waitstaff to extra charges for the house AV equipment. Ask tons of questions the most important one: are gratuity/tips included?
2. Try to get a special rate for guests. You will need to work with the Sales and Marketing team for a special rate for your guests at the hotel you've chosen or at least a special rate for the wedding party. Try to do this four to six months prior to your wedding date; secure a block of rooms as early as possible. Also, remember to look around the area to find and include other budget hotel options for your guests as well Alofts, Courtyards, etc. can be great for this; not everyone's going to want to fork over the cash for the hotel you've selected.
3. Know the house/hotel rules. This is big: some hotels have lists of approved vendors florists, bands, DJ's, etc that you have to pick from. Ask about that when you're scoping out the hotel. Also, make sure you ask how late the place will stay open for you and is there somewhere else your guests can go post-reception to keep the party going? Lobby bar? Anywhere?
4. Who else is getting married that day? Does the hotel have two ballrooms/banquet halls? If not, may we suggest you take a look at the movie Bride Wars? We've heard horror stories about hotels running out of resources or planning out the timing poorly between a convention and a wedding or some such don't let it happen to you.
5. Know the deposit schedule. Make sure you take a look at the contract to get a feel for the deposit schedule; some hotels will require a 50% deposit when you book the event space, and then the other 50% closer to the day of others work a bit differently. One fancypants NYC hotel we used to draw up contracts for asked for 50% the day of the booking, then required the next 25% 30 days from the wedding date and the rest of the payment the day before the wedding.
This is all just scratching the surface, though got more or better tips for us? Send 'em our way and we'll share them.

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