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You didn't include the height of the room. That may have a bearing on what works. Concerning the projector, you will need to figure the distance you will be projecting. Your room, converting to non metric measurements is 13.8 feet wide. You mentioned there is a cutout in the wall for the screen, sized 102"X70.8". You can make a rough estimate of what sized image you can obtain using the the calculator at the Projector Central web site. You can probably make a more accurate estimate using the manual for the projector. The most accurate estimate can be made using your projector on the wall, and marking the area with painters tape (I did all prior to my construction. You should also keep in mind that the projector needs air intake for cooling. If the intake is in back, it can't be directly against the back wall. The lens is also on the front of the projector, so most rooms can't use the full width. My estimate, using the Projector Central calculator (it works in feet and inches), using a trow distance of 11', gave an image size of 73"x 41". If you want a larger image, there are a couple of alternatives. One is using a different space. Another is to construct the area to have a longer projection distance than the room dimension. That's what I did. My room is about 12' wide, and I projected over about 14.5' by cutting a port through the wall and mounting my projector in the next room. I finished the area off and glassed it in with a optical grade glass window to seal off the room and project through. another alternative would be to use a front surfaced mirror, and project the beam parallel to the wall opposite the screen, and reflect it off the mirror. I've seen this done in a conference room, but it wasn't a high quality system. I'm not sure how this last alternative will work image wise, My system uses a Pansonic 7000, and I'm using a 155" 2.4:1 screen. That's about 144" X 50".

If you would like to save some cost, consider a DIY screen. It's not that hard to make a frame and stretch fabric over it. Get good wood-either select grade, or go through the pile and select wood that is straight, without warping or defects (i.e., do your own selecting) You'll probably need a mitre box and saw, corner clamps, a drill, simple tools and a staple gun. If your screen is not to large, a fabric store may have what is needed. Mine was larger, and I obtained white screen fabric from Carl's Fabric. I also made a frame, and put rope lighting around the margin to use with a dimming system. My total cost was around $150, but I also had all the tools required. My trusty stapler also bit the dust after many years use. The above figure included a six pack of Sam Adams to commemorate its demise. One thing to consider; any screen you make or assemble has to get inside the room. If that might be a problem, put the screen together inside the room it will be used in. A painted screen area on the wall is also a possibility. AV forum used to have quite a but of info in their DIY screen section. Either alternative will cost less than a pre manufactured screen.

Don't forget that you will (probably)need seating. You'll probably get other suggestions about an amp and speakers.