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GREENWICH, CT—A few weeks after its CEO dismissed published reports that TMI Hospitality was about to be sold to Starwood Capital Group, TMI and Starwood Capital announced a deal Thursday for the private equity firm to do just that. Via a controlled affiliate of Starwood Global Opportunity Fund X, Starwood Capital will buy all of the outstanding stock of Fargo, ND-based TMI, giving the new owners control of a 188-hotel portfolio, TMI’s management company and its development platform.

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