Blanch tomatoes in large pot of boiling water for 1 minute. Drain. Rinse under cold water to cool and drain. Using small sharp knife, peel off skin. Cut tomatoes into quarters and remove seeds. Puree tomatoes in blender or processor.
Heat 2 tablespoons olive oil in heavy large saucepan over medium-high heat. Add bell pepper and saute until almost tender, about 3 minutes. Stir in garlic and tomato paste; cook 2 minutes. Mix in tomato puree, thyme and hot peppersauce. Remove from heat. Cover and let stand at room temperature 2 hours.