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Starwood Capital confirms TRI Pointe stake pull-out

Starwood Capital Group confirmed that, together with its affiliates, it sold 11,985,905 million shares of common stock it owned at TRI Pointe Group Inc.

The investment firm cited "ongoing disappointment in the performance of the company over the past several years, lack of confidence in the strategic direction of the company and disagreement over the best way to maximize shareholder value" as reasons for the stake disposal.

At the same time, Starwood's Barry Sternlicht and Christopher Graham announced their resignation as chairman and director, respectively, from TRI's board. Sternlicht is Starwood Capital's chairman and CEO.