WHAT IS this?

I am cleaning out a spare bedroom to make it nicer for relatives who will be staying with us . I came across this gift that I never used. As I began to unfold it I thought it would be a lightweight blanket....like for on the couch or whatever. Yet I have opened it fully and it has an opening that I am not sure of its purpose. Someone please enlighten me about this item.

20240614_151513.jpg Thanks 😊
Are you going to leave it on the bed for your guests?