Welcome to OKC! While downtown would certainly be the most central location for the metro as a whole, OKC's highway system is fast enough that you can find some that you probably won't be asking anyone to tack on more than 10-15 minutes in travel time. I would suggest that you consider some of the hotels along NW Expressway between Lake Hefner Parkway and Western Avenue. Specifically there are several around May Avenue and around Belle Isle/Penn Square Mall that would work (including ones where I have seen traveling friends in the past). If you prefer something a little more upscale, there's the Lively in the relative new Oak development at NW Expressway and Pennsylvania. I've yet to visit there, so I'm afraid I can't offer much info on the accommodations or ease of hosting friends.
For dining, there are plenty of great local spots. Check out areas like the Plaza District, Automobile Alley, and Midtown/Plaza Court. There are lots of other places, but those should get you a good start. Best wishes for an enjoyable stay in every way!
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