The hospitality group takes over the property from Caesars Palace on the shoreline of Bluewaters Dubai.
The hotel occupies a 500-metre stretch of private beach, offering views of the Ain Dubai observation wheel, with three temperature-controlled swimming pools for guests.
The 178 rooms have been refurbished by Blink Design Group, which has offices in Dubai, Singapore, Bangkok and Shanghai. The interiors are described as encapsulating "soft minimalism" with handcrafted textures, while the rooms range in size from 54 to 315 square metres. There is also a new four-bedroom villa that spreads over 4,465 square metres and comes with its own pool and private beach access.
Banyan Tree Residences Dubai, meanwhile, has 96 pet-friendly, fully furnished private apartments with one, two and four bedrooms.
A few of the restaurants that were popular under Caesars Palace will remain, including Demon Duck by celebrity Chef Alvin Leung, which serves Chinese cuisine with a twist. Japanese restaurant TakaHisa and live music venue Havana Social Club will also remain open.
The hotel also introduces French-Mediterranean poolside spot Alizee, Japanese tea lounge Tocha and The Shack, which will serve Mediterranean tapas.
Cove Beach, the property's popular beach club, is moving to JBR, while Gordon Ramsay's Hell's Kitchen has closed permanently.
The Banyan Tree brand is also known for its exceptional spa experience, and this property will have a team of therapists performing personalised holistic treatments in an oceanfront setting. This comes with a fitness centre, beauty salon, as well as the Banyan Tree Gallery shop, where natural bath and body products are on sale alongside handicrafts made by local artisans.
"Thanks to its central location, Banyan Tree Dubai will appeal to both leisure and business travellers, as well as couples looking for iconic backdrops for their nuptials and honeymoon,” said Peter Hechler, a senior vice president for Banyan Tree Group.
"We eagerly anticipate welcoming travellers and residents to Banyan Tree Dubai, where the pinnacle of Arabian hospitality meets the distinguished luxury of Asia."