Huésped is usually used when you're staying at a hotel, or wherever you're paying to stay the night.
If you've been invited to another person's home, you're the guest (invitado) - they're the host (anfitrión). The same words are used when you invite persons to your home. You're the anfitrion, they're the invitados.
All this being said, it is possible to hear huésped used when you're talking about guests in your home that are staying the night or over a period of time.
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