I think most hotels will be OK with a late cancellation due to flight delays/cancellations, especially if you are showing up the next night for the stay.
Is the hotel sold out? If you're really, really worried, make the reservation now, cancel it the day before and book it when you board your connecting flight. This minimizes the missed-flight cancellation problem, and mostly protects your against a sell out (if it's sold out the day before, don't cancel and take the risk. And there's the small risk is sells out between 4p day before and your flight).
But, again, most hotels understand flight cancellations. And it looks like <$100/night. Not nothing, but not a huge risk.