Kyo-ya Hotels & Resorts LP will not close the Sheraton Princess Kaiulani hotel in August, as previously announced.

The hotel will remain open through the end of the first quarter of 2015 and possibly longer, while management evaluates the future of the property, according to a statement released Friday.

The original design concept for the hotel’s $500 million redevelopment was announced in November.

"This is a very important decision and Kyo-ya is very committed to the community and what impact this project will have in Waikiki," said Takamasa Osano, Kyo-ya president, in a statement.  "It is my desire to carefully review the plans before moving forward."

Starwood Hotels & Resorts operates the Princess Kaiulani and "fully supports Kyo-ya’s decision" to keep the hotel operational, said Harris Chan, regional vice president.