Focusing on the guest room - keeping it light and calming, with white/very pale wall color, iron bed frame and overall gentle and inviting. This image is a bit too shabby-chic, but the basics are there.
No room for a nightstand beside the bed? Hang shelves on the wall instead. In the room above, wall shelves provide a catch-all for books and other sundries in a super-narrow sleeping space. Design Dozen: 12 Clever Space-Saving Solutions for Small Bedrooms