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Mike Paulin''s wet ride home: his "condotel" company Aqua Resorts plunges into the Hawaii market.

Publication: Hawaii Business
Publication Date: 01-DEC-03
Format: Online - approximately 700 words
Delivery: Immediate Online Access
Full Article Title: Mike Paulin''s wet ride home: his "condotel" company Aqua Resorts plunges into the Hawaii market.(condominium and hotel accomodation)

Article Excerpt
In 1997, Michael Paulin sold the resort management company he had founded a decade earlier to Sunterra Resorts for $6.5 million in stock. He bought a vineyard in Northern California for an active retirement with his nest egg. Then Sunterra declared bankruptcy on May 31, 2000, rendering Paulin's stock worthless. "I was very concerned about my future," recalls Paulin.

In November 2000, he founded Aqua Resorts, using $250,000 in leftover savings. He relocated Io Hawaii in January 2001 to start a new resort management company with a twist. Rather than manage full-fledged resorts, Paulin wanted to manage condotels--a relatively new hybrid that mixes the...

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