Guest room- Create a nook like this by suspending curtain rods from the ceiling. Put a daybed to be the bed in a small bedroom. Closing curtains allows you privacy to maximize all space for lounge and storage- its ok to have chairs right up to the bed!
Make master smaller and increase family room. Reconfigure master bath and closets to make the 2 beds bigger. Pantry separate room linked to utility. Big linen closet and ironing space somewhere near beds.