What is under the pipe? Toilet? Sink? Nothing?
I assume, since it is an exterior wall, probably nothing underneath.
The layout of the guest bathroom will no longer be changeable. The ceiling was already there.
So you will have to come to terms with a boxing-in in one form or another.
If that is an exterior wall, then the boxing-in at that spot is already just above the window anyway. So why the objection to fully suspending the ceiling?
Alternatively, I can think of, for example:
- Not fully suspending the ceiling but rather curved, semi-circular, or triangular and equip this with ceiling spots
- Adding a boxing-in on the other side as well and illuminating both. That way it looks at least balanced.
- Or connecting the two boxing-ins with frosted glass and light behind it. That way you do have a suspended ceiling, but it might feel somewhat more open because of the glass