Aqua Hotels & Resorts has asked employees to join the ownership team through an employee stock ownership plan.

Mike Paulin, owner & CEO of Aqua Hotels & Resorts, and his wife, Aida Paulin, this week announced an employee stock ownership plan they say converts Aqua into Hawai'i's first "employee-owned" hotel company.

The move allows Aqua's 500 employees to become "co-owners" of the growing Waikiki-based hotel company by altogether owning a 30 percent share of the company.

Each member of the Aqua 'ohana is eligible to become a co-owner of Aqua after a fixed vesting period, Paulin said. The value of the initial percentage share of the company is just more than $8 million.

"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," Paulin said.

He said Aqua's excellent customer satisfaction ratings reflect the good work of employees.

Three Aqua hotels rank in the top 10 of the consumer-driven TripAdvisor Web ratings. The hotel management company — which now operates 13 properties — is based completely in Waikiki.

A spokeswoman said employee briefings to explain the benefit and qualification process are scheduled this week. There is no cost to the employees for their participation in this benefit, he said.

Since January 2008, Aqua has added three hotels to its growing portfolio — Park Shore Waikiki, Aqua Waikiki Beachside and Aqua Honolulu Prince.