Counting down for launch this spring, The Celeste Hotel at UCF is being designed with all things evocative of the stars, moon, constellations and nearby Kennedy Space Center.

When the project was first announced last January, the 179-room inn and conference center under the Marriott brand was to be called The Pegasus Hotel, but the company has changed the interior design concept to a celestial theme — hence the name change.

The projected $48 million, five-story boutique hotel, under construction at the campus’ main entrance at University Boulevard and Alafaya Trail, is privately funded and a joint venture by DEVEN Group, Demetree Global and Pinnacle Hotel Management. The developer is paying the costs of building and operating the hotel at 4105 N. Alafaya Trail; UCF will receive a guaranteed base rent, plus a portion of room revenues.

The Celeste will offer more than 10,000 square feet of conference and event space and more than 6,000 square feet of lawn for events

The full-service facility will offer more than 10,000 square feet of conference and event space with a private dining room, lobby bar, restaurant, take-away pantry, room service and more than 6,000 square feet of lawn for events adjacent to the restaurant and outdoor pool with cabanas.

Rates haven’t been set yet, but a company spokeswoman said reservations will start to be accepted during the first quarter of the year for the rooms — which will also include 18 suites and a presidential suite — expected to be open during the second quarter of the year.

Pinnacle has developed or purchased more than 40 hotels and has a portfolio of 30 hotels, including eight in Central Florida. Others near UCF are the Courtyard by Marriott in Collegiate Village, a Residence Inn on University Boulevard and a TownePlace Suites in the Quadrangle office park.

DEVEN was the developer of Knights Plaza, the CFE Arena and the Towers at Knights Plaza between 2004 and 2008. Some of its other projects include serving as the development manager of the Waldorf-Astoria and Hilton Hotels at the Bonnet Creek Resort in Lake Buena Vista.

Demetree, in the development industry for 65 years, has invested in other land, retail, restaurants, hotels and student housing ventures in the UCF area.