How can I create an excerpt for each of a node's taxonomy terms? Rather than create a single node excerpt/ preview used across all Views for a taxonomy term, how can I create individual excerpts for a selection of taxonomy terms used to describe a node?

For example, if I have a node about a hotel that is family-friendly and has business facilities (both of which are also taxonomy terms), when I display a list of 'family-friendly' nodes I would like to display an excerpt with a short description of the family-friendly features of that hotel, whilst when displaying a list of nodes for hotels with 'business facilities', I would like to display excerpts with short descriptions of the business facilities at those hotels.

I've found the Excerpt module, but this only appears to provide a minor modification to how Drupal's existing excerpt feature works.
This is an interesting feature. I have never seen a  module which does it. 

If you look at the Open Calais module, you can see some custom extensions to the way taxonomy works. While it doesn't do what you want precisely it may be a  good guide for you. 

In short, you can assign meta data to a node-term relationship which contains your excerpt. It would require a custom module and a fair amount of coding.