Master bedroom or Owners suite -- I'd expect the owner suite to be a self contained "suite" with a small kitchenette and maybe a laundry closet with lounging area that has a tv and a fireplace with a huge room like closet etc. Whereas the master bedroom to me is just a large bedroom with maybe its own bathroom. --- Call it whatever --it's all the same thing! Racial connotation -- not in my opinion. I'm sure we've heard of, if not seen homes with multiple master bedrooms. I have.
One dictionary defines the master bedroom as: a principal bedroom in a house or apartment, usually the largest, typically occupied by the person or persons who make the decisions for the household.