Episode Summary: Real Talk – “From Japanese Foreign Affairs to Disneyland Paris to Owning Hotels” with Heather Turner

Podcast: Real Talk: Real Estate Discussions with Andrew Kirsh
Date: November 7, 2025
Guest: Heather Turner, CEO and Co-Founder, Tamarack Capital Partners
Host: Andrew Kirsh
Episode Theme: A wide-ranging conversation tracing Heather Turner’s unique, global career path—from Japan’s Ministry of Foreign Affairs to the Walt Disney Company to co-founding a successful hotel investment firm. The discussion covers navigating market cycles, lessons from hospitality, and strategic insights for new industry entrants.

Main Theme / Purpose

Andrew Kirsh welcomes Heather Turner to the debut of his upgraded podcast studio for a deep dive into her unorthodox career journey and current perspectives on the hospitality real estate market. The episode explores how international experiences shaped her, key strategies in hotel investment, responses to COVID disruptions, and actionable career advice for real estate newcomers.

Key Discussion Points and Insights

1. Heather Turner’s Career Path: From Japan to Hospitality (03:01–12:53)

• Early Background and Education
  • Born in Chicago, raised outside Nashville, studied international business & Japanese at Florida State (03:39–05:27).
  • Chose Japanese due to Japan’s economic influence in late '80s/'90s: “If I’m gonna do international business, why not do it in Japan?” (06:31, Heather).
• First Job: Japanese Ministry of Foreign Affairs
  • Moved to Kyoto, worked in international relations (05:38–08:42).
  • Memorable experience: Helped set up an engineering university in Nepal instead of sending direct aid.
    • “Rather than paying for a bridge, we paid for a school.” (08:48, Heather).
• Transition to Disney & Los Angeles
  • Joined Disney in international retail, then Parks and Resorts—entry into the hotel business (09:27–10:09).
  • “Disney’s a great place to be from… It’s a huge network, tremendous people, and a great calling card, particularly in Los Angeles.” (09:45, Heather).
• Restructuring Disneyland Paris
  • Managed a billion-dollar transaction; left after realizing big achievements didn’t move Disney’s stock, sparking her move to hotel private equity (13:05–14:04).

2. Insights from Hospitality Real Estate & Hotel Operations (15:11–22:20)

• Founding Tamarack Capital Partners
  • Launched in 2018 with former team, motivated to keep talented team together (15:11–15:58).
• Investment Focus
  • Focuses on full-service hotels, value-add strategy: under-capitalized, mismanaged, or complicated assets, renovate and reposition for long-term owners (16:10–17:13).
  • “We buy complicated, not underperforming assets with higher cost of capital and we clean them up and simplify them…” (16:10, Heather).
• Hotel Ownership 101
  • Explained the distinction between owning vs. branding/managing hotels for non-hotel audience (17:46–18:45).
• Value Creation in Hotels: What Moves the Needle?
  • Public and F&B spaces create the most impact (bar, vibe, local relevance as key draws) (19:25–20:47).
  • Example: Revamped the Fairmont Seattle’s lobby to lower average guest age and boost business from tech companies.
  • “Rooms have to be at a certain standard, but you can really move the needle in the public areas—whether it’s food and beverage or the lobby.” (20:47, Heather).
• Industry’s ‘Amenity Arms Race’
  • Luxury hotels invest heavily in amenities (spas, lagoons, design) to ‘pull everyone up’ in standards (21:25–22:20).

3. Revenue Management and Market Philosophy (23:04–27:57)

• Unique Hotel Market Dynamics
  • “We release 100% of our square footage every night.” (23:04, Heather).
  • Discussion of strategies for occupancy vs. rate, including last-minute deals via third-party platforms (HotelTonight, Expedia).
• Revenue Management as a Career
  • Presents it as an ideal role for analytical graduates, especially as AI innovations loom (23:53–25:04).
  • “There is a magic formula for every night, for every room.” (24:19, Heather).
• Heather’s COVID Strategy
  • With revenue dropping to zero, Tamarack renovated during shutdowns to emerge stronger. Decisions were case-by-case; acknowledged not all proved correct (28:10–31:17).
  • “Our theory was, let's come out of COVID stronger than we went into it.” (29:23, Heather).
• Capital Partner Relationships
  • Managed capital partner relationships during disruptions, sometimes facing pushback over CapEx decisions (30:17–31:17).

4. Post-COVID Trends & Market Observations (31:59–42:37)

• Travel Recovery Patterns
  • Leisure travel rebounded quickly; corporate travel lags and may never return to 2019 shares (31:59–32:58).
  • “Leisure travel came roaring back… People using their wallets more for experiences, less for goods.” (32:58, Heather).
• Tamarack’s Early Growth
  • Unique transition: negotiated to bring portfolio and partners from previous firm, ensuring continuity and trust (33:15–34:43).
• Current Market Challenges: LA & Beyond
  • LA is viewed as “untouchable or the best contrarian bet,” due to regulation, costs, and union activity (39:09–40:50).
  • “Between the mansion tax and the wage ordinance and the union activities—it’s really tough to see how anybody earns a reasonable return on a hotel here.” (40:16, Heather).
  • National RevPar is flat/negative, costs rising faster than income (37:44–39:09).
  • Highlights need for micro vs. macro bets, focusing on asset-level stories.
• Capital Appetite & Investment Strategy
  • Shift from debt back into equity, hotel returns compelling vs. other assets, but underwriting is asset/market specific (40:57–42:37).
  • Focus on “barbell” approach: beat-up markets for basis, and high-yield “after capital cap rates.”

5. The Competition from Short-Term Rentals (43:08–44:37)

• Hotels vs. Airbnb/VRBO
  • Consistency, compliance, service, and amenity “arms race” are hotels’ advantages (43:20–44:37).
  • “The amenity creep is precisely there to compete with Airbnb and VRBO…” (44:10, Heather).
  • Personal anecdote: Courtney (Andrew's wife) only stays at hotels for service and design.

Notable Quotes & Memorable Moments

• On Starting Out in Japan:
  “I was a kid who was unreasonably fearless... My interview for the job was in Japanese, and it was horrendous. I thought, there’s no way they’re going to hire me, but… the offer came over and I was like, all right, I’m going to go.” —Heather (07:03–07:52)

• On Value in Hotel Investment:
  “We buy complicated, not underperforming, assets… and we clean them up and we simplify them and we do big renovations.” —Heather (16:10)

• On COVID’s Impact:
  “There’s always been this theoretical risk that revenue goes to zero... In 2020, that theoretical risk was proven out.” —Heather (28:23) “Our theory was, let's come out of COVID stronger than we went into it… while everyone else is backing down, we're going to double down and put money into the assets.” —Heather (29:23)

• On LA Hotel Investments:
  “LA right now is either untouchable or the best contrarian bet anybody's going to make... For our capital, most of our capital partners are kind of five-year hold funds, and if you can't see the turn yet, then it's a little hard to invest too early.” —Heather (39:09–40:50)

• Career Advice for Industry Entrants:
  “Don’t lock in too soon. Don’t take the direct path… The more interesting path will serve you well in the long term.” —Heather (50:14)

Timestamps for Key Segments

• Heather’s background and move to Japan: 05:27–08:42
• Work at Disney; transition into hotels: 09:27–14:04
• Why launch Tamarack Capital: 15:11–15:58
• Hotel investment philosophy/value-add: 16:10–17:13
• Revenue management and occupancy strategy: 23:04–25:04
• COVID renovation strategy: 28:10–31:17
• Market challenges: LA & current hospitality outlook: 37:44–40:50
• Hotels vs. Airbnb/VRBO: 43:08–44:37
• Advice for newcomers: 50:14

Lightning Round Highlights (45:05–51:18)

• Alternate career: “I’d probably work at Diesel Bookstore—we bought it a year ago. I love spending time with writers and readers…” (45:28)
• Favorite hotel: George V Paris—memorable visit with then-boyfriend/husband (46:10)
• Favorite vacation spot: “South Africa or Tanzania—I’m a huge safari fan.” (47:13)
• U.S. market to watch: “Salt Lake City… easiest lift to great skiing, clean, well-run, Olympics coming” (48:26)
• Current TV show: The Diplomat (49:20)
• California vs. Florida? “California, 100%.” (49:46)
• Industry advice: “Don’t take the direct path… you can take a wide and varied route and end up in real estate.” (50:14)

Tone and Flow

The conversation is warm, lively, and candid. Heather is insightful and conversational, mixing deep industry wisdom with engaging personal stories. Andrew’s tone is friendly, deeply knowledgeable, and occasionally playful, especially during the lightning round.

For Newcomers

If you’ve never listened to Real Talk before, this episode offers both personal and professional value—blending global perspectives, real estate acumen, and actionable career guidance in an engaging, accessible way.

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