The says, the term "feast" has its origin in the fact that in order to prepare a feast, the host would have to dispatch horses in order to get all the ingredients.
As for the literal translation, I would say that is not a suffix for a person (like , etc.), but closer to the meaning of . (Same for , , .) So that the phrase translates, also literally, to
>
> It was a feast.
The phrase dates back only to the latter half of the Edo period. Before that, the phrase was used in the sense of "Sorry for the inconvenience/Thank you for your troubles".