Usually it is held in the home of whoever is hoistng it. If that isn't an option, look into restaurant banquet rooms.Favors can be fancy chocolates, travel sizes of Bath Body Works lotions and shower gels, etc.
I'm game! Though I'd feel better about it if we had a fifth arntleate lined up for me just in case life circumstances interfere with my ability to participate (I'd be glad to pay the fee and take the loss if needed). I'm only hesitant to committ to a team because of family health issues and a wild ride at work that render promises hard to make. But I've put it on my calendar and really think I can do this. So let me know if there are others.