While often used as a greeting, "Aloha" also means love, affection, compassion, and goodwill. It can be used in both formal and informal situations, and it is a versatile word that can be used to express a range of emotions, including farewell.
Here are some other phrases you could use in a more formal setting:
* "A hui hou" - literally means "until we meet again"
* "Mahalo" - thank you
* "E komo mai" - welcome
It's important to remember that the context will always influence the meaning of these words.