1) There is a Marriott right on top of the Kendall Square T-station across the street from MIT Sloan. You can call them and see if there is a special rate if you stay for the weekend.
2) I have no idea, sorry.
3) Again I have no idea but I would guess they look at your overall application. There are several different merit scholarships for the LGO class, academic scholarships are definitely among them. You might also receive scholarships from Sloan as well. I don't know exactly how many LGOs got scholarships (around 5?). I did not get one

Luxor42
Questions:
1) Does anyone have specific recommendations on where to live. I'd like to be within walking distance or easy T distance of class. Should I be looking for managed properties or a sublease?
2) Are the "first round" invitees the ones they really want and thus we have a better shot of admission?
3) I'm curious about the "merit scholarships to outstanding applicants" mentioned on the Financial Information LGO page. Does receipt of one of those depend upon the interview more than anything else, or is it about objective numbers/specific interests of applicant. How many students receive extra funding?