Baccarat Hotel & Residences New York will open in 2014 in time for Baccarat‘s 250th year anniversary. It will be located at 20 West 53rd St., just off Fifth Avenue.

The project is a partnership between Starwood Capital and Tribeca Associates, a New York-based real estate development and acquisitions company.

The $403 million development will include 115 hotel rooms with some rates that Starwood said will exceed $800 a night and 64 residences that the real-estate investor hopes will be among the city’s most expensive on a square-foot basis.

The hotel looks to capitalize on the tony image of Baccarat Crystal, the French manufacturer of fine glassware that Starwood acquired in 2005.

The hotel will feature Baccarat chandeliers, a boutique store selling crystal with price tags up to $10,000, and crystal museum pieces that will rotate through the lobby.