How about a murphy bed-like cutting board - a board that you can put on hinges and fold down when you need to cut fabric, but fold up when you have guests who need to use the bed. It would need sturdy supports under it when it is used for cutting, but the supports could also fold up - kind of like a card table. It doesn't need to be the length of the bed, it just needs to be big enough to meet your need.
If you do this, then put a spread over the bed to catch falling pins. Then just carefully change the spread for the one you really want to use when you have guests.