Investors led by Starwood Capital Group LLC and TPG bid 20% more than their nearest competitor to win an auction for the real estate assets of failed Chicago lender Corus Bankshares Inc., people familiar with the matter said.

The cash provided by the Starwood-led group would be $554 million, compared with about $450 million for the next highest bid, said the people, who declined to be identified because the decision has not been announced.

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