For as long as I can remember, the terms "master bedroom" and "master suite" have been used to denote the bedroom and bedroom/bathroom areas used by the head(s) of a household.
But since the word "master" might have connotation issues, it looks like it's being phased out:
http://www.bizjournals.com/washingto...state-bid.html
http://gawker.com/5994879/the-master-bedroom-is-no-more
http://www.housebeautiful.com/shoppi...ally-incorrect
People have actually filed lawsuits against builders over the use of the term? Wow.
In any event, it looks like the term "owner's suite" is becoming de rigueur.
Marketers do tend to eschew controversial terms, as well as employ smooth-sounding euphemisms whenever possible. Some years ago, I was looking at a home built by a spec builder in Colorado. In his glossy brochure, the garage was labeled "automobile storage."
I guess the word "garage" just didn't quite sound genteel enough!