In order to further enhance the sense of recognition, you could give out awards to the members. These might be established, annual awards. This person could be a supervisor, organization officer, advisor, or peer. If you are planning to have a speaker at the ceremony, give more time to the actual recognition of the members than to the speaker. Set the tone of the ceremony or banquet to the desires or needs of the organization and its members.
Costs are a big factor.
If having the ceremony at an elegant establishment will further enhance the recognition experience, and the organization can afford it, then do it. Member recognition is extremely important for maintaining member involvement, and for promoting members feelings of self-worth. Give recognition all year long to show members that the organization cares about them and that the entire organization appreciates their accomplishments.