Owner & CEO of Honolulu's Aqua Hotels Creates ESOP

Mike and Aida Paulin give employees a 'piece of the rock'

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. October 14, 2008

HONOLULU, HI, September 5, 2008. Mike Paulin, owner & CEO of Aqua Hotels & Resorts, a full-service hotel management company, executed the final details of the employee stock ownership plan (ESOP) that converts Aqua into Hawaii's first 'employee-owned' hotel company. This significant achievement makes it possible for Aqua's 500 employees to become 'co-owners' of the growing Waikiki-based hotel company.

Aqua's new and unique hotel ownership status is unprecedented in the Islands. Aqua believes hospitality is a highly personal business and this model further motivates employees, who are the cornerstone of the company's success, by giving them a 'piece of the rock' for their diligent work and loyalty.

According to Paulin, "Aida (Mrs. Paulin) and I are sharing 30% of the company with our employees. Each member of the Aqua ohana is eligible to become a co-owner of Aqua after a fixed vesting period." The value of the initial percentage share of the company is just over $8 million. At a later time, the Paulin's plan to allocate more ownership of Aqua to their employees.

Paulin believes that the company's product is its employees and its structure is the service it provides. "I have no doubt that Aqua's ESOP will attract the best people in the industry to our organization contributing further to our highly regarded service," added Paulin. "Our ESOP comes at a time when Aqua's excellent customer satisfaction ratings are leading Waikiki hotels."

Currently, three Aqua hotels rank in the top 10 of the consumer-driven TripAdvisor ratings and Aqua Waikiki Wave was awarded "Hawaii Region #1 "Best Hotel Values for 2008" by Budget Travel magazine.

While still a fairly 'new' company, Aqua's employees have worked very hard to provide excellent service to their guests and create a highly respected Hawaii hotel brand. "Employee ownership is our way of thanking our ohana for making Aqua the Waikiki leader in guest service and we're thrilled to make Aqua the first employee-owned hotel company in Hawaii," added Paulin. "Employee briefings to explain the benefit and qualification process are scheduled. There is no cost to the employee for their participation in this benefit."