Hyatt Corp. won preliminary approval to pay $445 million for the assets of bankrupt Azabu Buildings Co. Ltd., including the Hyatt Regency Waikiki Resort & Spa.

U.S. Bankruptcy Court Judge Robert Faris signed an order Thursday confirming Chicago-based Hyatt as the highest bidder, according to court documents. Final approval of the sale is contingent on confirmation of Azabu's reorganization plan.

"This court confirms the Hyatt stalking-horse bid as the highest and best bid received prior to the bid deadline," Faris said in court papers.

A hearing is set for May 3 to determine whether Azabu's disclosure statement can be sent for creditor approval. The disclosure statement outlines the reorganization plan's terms.

Azabu's assets include the Waikiki hotel, which Hyatt manages, plus Azabu USA Corp., whose real estate holdings include a shopping center in Waikiki.

Five creditors filed an involuntary petition forcing Azabu into bankruptcy court in November 2005. Those creditors, with claims totaling $103.8 million, were: Beecher Ltd.; Preh Inc.; Wac Inc.; Nippon Capital Partners LLC; and Nippon Portfolio Partners III LLC.

Azabu got into financial trouble when Japan's economy slumped in the early 1990s. Azabu had spent about $565 million in the 1980s on six Hawai'i hotels and other property, including the Hyatt, Maui Marriott, Ala Moana and Kona Lagoon hotels. But the purchases, made with highly leveraged loans, created trouble for Azabu during the state's economic downturn and Japan's financial crisis.

The company gradually lost control of all but two of its hotels — the Hyatt and the Ala Moana Hotel — mostly to lenders. Azabu sold the Ala Moana Hotel to Miami-based Crescent Heights in 2004 for $85 million.