You want to keep your guests wowed throughout the whole event, keep things changing; so opening up a lounge at the end of the reception really keeps the party moving. It can be a place to go a little wilder with decor, not totally different but a spiced up a little. Make it inviting with lots of cocktail tables, pillows and candles. Set up some cool furniture, add lighting, a DJ; serve some comfort late night food like mini burgers, bite size fried mac and cheese, flavored french fries or maybe set up a ice cream bar.
You don't have to spend a lot more money on this. Check to see if the hotel has some extra furniture you could use, throw around floor pillows. If you are outside use wicker or wrought iron furniture. Just add some color, a limited bar and some music - Voila - your guests will have a blast!