The parent company of Kyo-ya Hotels & Resorts, which owns the Sheraton hotels in Waikiki, said the ownership change announced last week will have no effect on its plans for a $500 million upgrade of the Princess Kaiulani Hotel.

Kokusai Kogyo Holdings Co., the parent of Kyo-ya, bought out Cerberus Capital Management LP’s controlling interest in the company in a deal that closed Friday in Japan.

“The transaction, completed on Friday in Japan, will have no effect on its plans to upgrade the Princess Kaiulani Hotel or its relationship with Starwood Hotels & Resorts Management Co., who manages the hotel properties in Hawaii and California,” Kokusai Kogyo said in a news release Monday.

The news release did not mention Kyo-ya’s plans for building a new hotel tower on the site of the Moana Surfrider.

Kyo-ya, which employs more than 3,500 workers, owns the Sheraton Waikiki Resort; the Moana Surfrider Hotel, A Westin Resort and Spa; the Royal Hawaiian, A Luxury Collection Resort; the Sheraton Princess Kaiulani; the Sheraton Maui Resort and Spa; as well as the San Francisco-based The Palace Hotel, A Luxury Collection Hotel.

As part of the ownership change, Greg Dickhens, the president of Kyo-ya, left the company to pursue other business interests after more than eight years with Kyo-ya.

In the news release Monday, Kokusai Kogyo said Kyo-ya will be led by Kokusai Kogyo President Takamasa Osano, Nobutada Nagai, Victor Kimura and Cyrus Oda.

Ernie Nishizaki, Kyo-ya’s executive vice president and chief operating officer, has left the company. His last day was Friday, according to Kyo-ya’s receptionist.