The Ward Village community in Kakaako could see a new master developer under a possible shake-up of Howard Hughes Corp.

Texas-based Hughes Corp. said Thursday that its board of directors has retained an advisory firm to help increase shareholder value by assessing options that include selling assets or the whole company.

The options also include changing the company’s corporate structure, recapitalizing the company and putting some of the company’s assets into a joint venture or new company, according to Hughes Corp., which is working with investment banking and advisory firm Centerview Partners on the review.

One of the development firm’s biggest assets and revenue sources has been Ward Village, a former industrial and retail complex on 60 acres in Kakaako which the company is turning into a residential community largely featuring luxury condominium towers.

Hughes Corp. plans to develop 16 residential towers with up to 4,500 homes on the property along with 1 million square feet of retail space on the site that fronts Ala Moana Regional Park and Kewalo Harbor. To date, four towers have been completed. A fifth tower is under construction, and sales began in January for a planned sixth tower.

As of last month the development firm reported having sold 2,284 condos at Ward Village, or 85% of units in the six towers, for about $2.6 billion.

Bloomberg News reported that a sale of Hughes Corp. assets could include Ward Village, based on sources who are familiar with the situation but asked not to be named because the matter is private.

Bloomberg also reported that its sources said Hughes Corp. believes its publicly traded stock is worth about $200 a share based on its estimated value of assets.

Hughes Corp. CEO David Weinreb said in a statement that the company is performing “extremely well” but that its stock continues to languish below its net asset value per share.

“The Board and management are determined to close the significant gap between our share price and the company’s underlying net asset value,” he said.

Shares of the company’s stock surged after the announcement and other media reports about the review, and closed Thursday at $131.25, up from $92.59 the day before. At Thursday’s stock price, Hughes Corp. is worth about $5.7 billion.

The company said it hasn’t set a timetable for concluding its assessment and will provide an update as appropriate.

“We look forward to reporting to shareholders on the results of our strategic review and will remain focused on executing our plans during this evaluation process,” Weinreb said.

Hughes Corp. was formed in 2010 to acquire a package of real estate assets from General Growth Properties Inc., a Chicago-based shopping center owner which was being reorganized in bankruptcy at the time.

General Growth, later known as GGP Inc., retained ownership of several Hawaii shopping centers, including the largest mall in the state, Ala Moana Center, and last year was sold to Brookfield Property Partners.

General Growth had bought the Kakaako property previously known as Ward Centers from kamaaina firm Victoria Ward Ltd. in 2002 and created a redevelopment plan approved by the state for the 60-acre site.

The Kakaako property was part of the package of nonmall assets in 18 states Hughes Corp. received from General Growth. Other assets included master- planned communities such as Summerlin in Las Vegas and The Woodlands in Houston as well as retail development projects such as South Street Seaport in Manhattan and Riverwalk Marketplace in New Orleans.

ON THE MOVE

>> Kaiser Permanente has hired Sam Balukoff as hospital administrator for Moanalua Medical Center. Previously vice president at the Musculoskeletal Institute for Geisinger Health System. Balukoff has more than 10 years’ experience in health care administration, including as hospital administrator at Shamokin Hospital and Central Region in Coal Township, Pa.

>> Central Pacific Bank has named Clifton Arruda vice president and branch manager III for Kauai, where he will oversee the branches for Kapaa and Lihue. Arruda’s experience of 19 years includes stints as assistant vice president and branch manager for Bank of Hawaii in Lihue.

>> Hyatt Regency Waikiki Beach Resort and Spa has named Irby Morvant Jr. general manager. Previously general manager of Hyatt Regency San Francisco Airport, his 30 years of experience with Hyatt also include serving as regional vice president of sales for Hyatt’s resort portfolio and general manager of Hyatt Regency Mission Bay.

>> Taubman has promoted Breana Grosz to general manager of International Market Place from director of marketing and sponsorship. She is taking over from Michael Fenley, who will move to a new position within the company before his retirement in 2020. Grosz joined in 2016 as an owners’ representative assistant and also serves as vice president of the nonprofit organization AccesSurf’s board of directors and on the YWCA of Oahu’s board of directors.