HOLLYWOOD, Fla. -

A Brookfield Company, Thayer Lodging Group, and its partners have acquired the Westin Diplomat & Spa in Hollywood, Fla.

The property, which will be renamed the Diplomat Resort & Spa, has 998 rooms and suites, numerous restaurants and a spa, and more than 200,000 square-feet of meeting and convention space.

The premier beachfront resort will join Hilton Worldwide's newest brand, Curio - A Collection by Hilton, in October 2014.

"Thayer looks forward to making a significant contribution to the ongoing transformation of the Hollywood Beach area with the new Diplomat Resort & Spa," said Lee Pillsbury, Thayer's co-chairman.

A representative with Thayer said the company will begin a $100 million enhancement initiative for the oceanfront property later this year.

"It is a renowned property that offers South Florida’s premier combination of resort and convention facilities. With its great beachfront, superb meeting facilities and easy access from Miami and Fort Lauderdale airports, the resort has a tremendous reputation for quality of service and comfort," Pillsbury said. "We are going to build on that and make the Diplomat an even stronger destination."

Curio - A Collection by Hilton, will offer guests the benefits of Hilton HHonors, the guest loyalty program that serves more than 40 million members.

"We are pleased to have a property of this stature join the Curio Collection," said Dianna Vaughan, global head of Curio – A Collection by Hilton. "The Diplomat Resort & Spa was launched as an exciting addition to South Florida’s history more than 50 years ago, and today illustrates the diversity of our brand as well as our commitment to providing our guests with remarkable and intriguing experiences."

The hotel, which was originally opened in 1959, will remain open and fully operational and will conduct business as usual during the transition, according to representatives with Thayer. In addition, all existing reservations will be honored.

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