You can extend Guest of Honor to both -- you have to book the reservations with points or certificates from your account though. Can't be applied to paid stays.
That said, I have had folks traveling with me be given free breakfast, or upgraded to nicer rooms on paid stays -- but it's all at the discretion of the property. In the case of the upgraded room, the property manager had reached out proactively to see if there was anything that I needed ahead of my arrival. I informed them that I'd be traveling with my family and some friends in another room, so they moved us into a standard suite, and our friends into a nice ocean view room two doors down from us. But again -- all up to the property.