MIAMI—The Westin Diplomat Resort & Spa is already a go-to resort and conference destination for groups around the country. Thayer Lodging, its new owner,thinks it can do better.

Last week, Thayer acquired the Hollywood, FL resort and spa for $460 million. Now, the Brookfield Company and its institutional partners are setting out to leave their own mark on the hotel, starting with a new name and a major upgrade project.

The Westin Diplomat will take on the name Diplomat Resort & Spa and join Hilton Worldwide's newest brand, Curio – A Collection by Hilton, in October 2014. Thayer also plans to invest $100 million to “enhance” the asset later this year. Curio is a worldwide collection of four to five star hotels.

“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,” says Thayer co-chairman Lee Pillsbury. “We are going to build on that and make the Diplomat an even stronger destination. Thayer looks forward to making a significant contribution to the ongoing transformation of the Hollywood Beach area with the 'new' Diplomat Resort & Spa.”

The Diplomat Resort has 998 rooms and suites, several restaurants and a spa. The resort also offers over 200,000 square feet of meeting and convention space that is frequently home to large gatherings.

The original Diplomat hotel opened in 1959 as a ritzy retreat. It has hosted the rich and famous over the years. Plumbers & Pipefitters National Pension Fund sold the site to Thayer after redeveloping the property on the site of the historic hotel.