Waikiki-based Aqua Hotels & Resorts in Hawaii has converted into the state’s first employee-owned hospitality chain, reports the Honolulu Star-Bulletin.
With the finalization of an employee stock ownership plan (ESOP), Aqua’s 500 employees, who are spread throughout 13 properties in the state, are now eligible to own a piece of the company. Owner/CEO Mike Paulin and his wife have agreed to share 30 percent of their company, valued at just more than $8 million, through the plan. Paulin, who sees the benefit as a way to not only express appreciation to existing workers and further enhance service, but also to help attract job candidates, says the allocation to employees may increase at a later time.
The company will hold employee briefings to explain the ESOP’s benefit and qualification process. There will not be any cost for employees to participate in the benefit.
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