Aqua Hotels & Resorts' 500 workers will become part owners of the company under an employee stock ownership program.

The company will allow the employees to own about 30 percent of the company, an amount initially valued at just over $8 million, said Mike Paulin, owner and chief executive officer of Aqua Hotels & Resorts

"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," said Paulin. "Our ESOP comes at a time when Aqua's excellent customer satisfaction ratings are leading Waikiki hotels."

Each member of company is eligible to become a co-owner of Aqua after a fixed vesting period.