It sounds like the hotel has just upgraded one of your rooms.

Before I did anything, I might want to know exactly what a "1 bedroom luxury suite" really looks like. A small 2-double bed hotel room can also handle 4 people as well. But I'm not sure that is what you are really wanting.

Most "suites" I've seen tend to have a small-to-normal hotel sized room with a bed (or 2 beds) plus a "living" area in a separate room. The "living" area may have a pull-out sofa bed. And if that is the only extra bed, you may want to check and make sure that sleeping on a sofa-bed is acceptable to everyone.

I would suggest calling the hotel to find out just what the layout of their suite really is. Next, what is the cancellation policy of your two reservations? If it is 6:00pm day of arrival and you can arrive before 6, I might suggest checking out what you get and seeing if meets everyone's needs. If so, then cancel the 2nd room. If not, then pick which of you gets the suite room.