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** See if your institution has a conference planning services group or something similar - if it does, then I highly recommend using them. They'll handle registration, budgeting, contracts, etc, and really make life easy.
** Regarding conference hotel, you'll want to make sure that there are blocks of rooms available - not usually too bad an issue in larger towns, but in some college or smaller towns, hotel rooms may be limited.
*** prepare the hotel for deluge via web when announcement is made about hotel registration available. We overwhelmed the Seattle hotel in 2012
** Remember, your institution is taking the risk of covering any costs not covered by registrations and sponsorships. To this point, I believe the conference has always ended up in the black, but there is always a chance it won't in a given year. Drafting a rough budget before submitting a proposal is critical.