Hey, Rockermom! My boy George is really hyper. When we have company over, I settle the company first with George in his crate, get out some treats and a dozen or so cans. Company is always amazed and he really likes to show off. We're even adding flourishes because it's becoming old hat to him. When he's done, you can almost hear him sigh and say, 'whew, I needed that'! Then he can be calm around company. If he starts being a pest, I ask him to do something.
Running tight spins or circles around me are fun and keep the dog close if you want them to be, or further away if you want. This works well for dogs who have high flight response to stress, too. I have had bitches who think it's real funny to back around me.
And targets are great to get huggy feely dogs away from guests. It's not a punishment thing, it's a reinforcement thing.
Teaching relaxation away from stimuli helps tremendously, takes 7 to 8 months for the dog to start knowing how to apply it, less if you start it with a puppy.
Maturity helps, but often, if you have a hyper dog, you have a hyper dog. Like George is now a mature hyper dog who has learned to enjoy relaxing and being mellow. I think he probably knows more than any dog I've ever owned or trained because he is so hyper.