The World According to Paris star and Waits confirmed their separation earlier this week, with Hilton's rep asking the media to respect the former couple's privacy during this trying time.
Hilton made her first public appearance since the break-up at LA's I Heart Ronson and JC Penney Collection gala on Tuesday and assured reporters that she and Waits plan to remain on cordial terms.
She said: "Cy and I have been friends for years. I've known him from Vegas and my family knows him, and he's such a great guy and always treated me so well. He's one of my closest friends."
Hilton also commented that she now plans to take the time necessary for self-reflection, adding that she's never really had the chance to enjoy being single.
"I've never been single in my life. I've always had a boyfriend and I've always been scared to be alone, so I've been that type of person that needs somebody and never got to know myself," she explained.
"When I'm in a relationship I give my all and I'm 100%, so I'm excited to get to know myself and spend time with my family, my sister and my girls."
The socialite previously revealed that she will collaborate with DJ Afrojack on a track for her sophomore studio LP.
The World According To Paris airs Wednesday at 10pm on Oxygen.
Watch Paris Hilton discuss her split from Cy Waits and The World According To Paris during a recent interview with George Lopez below: