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Transportation from Boston to anywhere further than, say, Watertown will destroy your budget. Stay in the city.
Look into a boat - we used to do semis on a boat all the time, and it was always a hit. There are something like 40 different ships that can handle an event your size, the internet is your friend here.
Also, obviously hotels with a 'view' will be more expensive - the ones around Logan will have something resembling a view but often be markedly cheaper, and also the waterfront/financial district is usually more price-friendly. Some will give the room free on an off night if you do catering through them, or guarantee a certain take at the bar.
Finally, there are 'conference centers' that aren't affiliated with a hotel - you'll just have to call and get rates, there's no 'set' rate, particularly given the economy. Be forewarned, some will straight-out say "no greek events" - that's partially my fault, but hey.
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