We understand that behind every residential transaction lies an important personal decision. The process adapts to the client, not the other way around: sensible timelines, complete information and a single point of contact from start to finish.
At every moment, the client knows what is confirmed, what remains to be verified and what comes next.
The best opportunities are not always on the market.
Investment assets, hospitality and institutional transactions, originated directly.
(01)Areas of activity
Institutional product with direct access to ownership.
Horlux & Emuna works with institutional investors, family offices, hotel operators and private wealth on transactions typically above €10M.
01
Entire buildings
Income-producing or repositioning residential assets in prime, consolidated locations.
02
Hospitality
Hotels and assets with hotel potential, in direct contact with national and international operators and chains.
03
Income-producing assets
Commercial and residential product with contracts in place, for long-term investment profiles.
04
Land & development
Land opportunities and development projects, analysed case by case alongside leading developers.
> 10 M€Typical transaction volume
Off-marketSource of most opportunities
1 : 1A single point of contact per transaction
(02)Geographic scope
Investment product in the main cities of Spain, Portugal and Italy.
We work directly with hospitality investors, private wealth and family offices to locate interesting product wherever it is: hotels, entire buildings, land and singular assets in the main cities. In addition to our bases in Madrid, Marbella, Ibiza and Miami, we regularly operate in the following cities.
Spain
Madrid, Barcelona, Valencia, Seville, Málaga, Marbella, Bilbao, San Sebastián, Granada, Córdoba and Ibiza.
Portugal
Lisbon and Porto.
Italy
Milan, Rome and Florence.
International
Miami as our base in the Americas. In any other country, our network of brokers and contacts lets us reach wherever the deal requires.
(03)Current portfolio
A real portfolio, presented with discretion.
These are some of the opportunities Horlux & Emuna is currently working on. Out of respect for ownership and the confidentiality of each transaction, they are presented without identifying the asset. Full information is provided under a non-disclosure agreement.
Operating hospitality15 – 25 M€
Mercado de San Miguel · Madrid
Entire building in tourist operation next to one of Europe's most emblematic markets, with a gastronomic unit and stable occupancy.
Palace building25 – 40 M€
Salamanca district · Madrid
Stately palacete of representative character, suited to a corporate headquarters, family office or institutional use.
Hotel project40 – 60 M€
Plaza de Canalejas · Madrid
Adjoining buildings at the epicentre of Madrid's new luxury district, with a hotel conversion project.
Residential building10 – 20 M€
Calle Alcalá · Madrid
Listed historic building on the Banco de España axis, with residential units and rents in place.
Full repositioning15 – 25 M€
Retiro — Ibiza district · Madrid
Entire building of ≈2,000 sqm for luxury residential repositioning, with penthouses and retail units.
Hotel potential30 – 45 M€
Recoletos · Madrid
Vacant building with air rights and potential for hotel conversion of up to 60 keys.
Tourist value-add2 – 3 M€
Nervión · Seville
Change of use into 21 tourist apartments via fast-track licensing, with a proposed operator.
Tourist value-add4 – 6 M€
Macarena · Seville
≈2,500 sqm of open floor space for conversion into 60 tourist units, with a defined project.
Hospitality6 – 550 M€
Hotels & resorts · Spain
From urban boutique hotels to resorts and institutional holiday portfolios, with or without an operator.
Land & development25 – 35 M€
Madrid & the Levante coast
Fully zoned residential land and hotel-use land, worked alongside leading developers.
A non-exhaustive selection. The portfolio evolves continuously, and certain transactions are not published out of express commitment to ownership.
Information is shared when appropriate, with whom it is appropriate.
Most Horlux & Emuna opportunities are handled off-market and under non-disclosure agreements. Documentation is provided upon request, once the investor profile has been verified.
Horlux & Emuna offers pre-construction product in Miami to Spanish and European investors: early-phase entry, staged payments tied to construction progress, and terms secured before the open market.
01
Wealth in dollars
A dollar-denominated market: currency diversification and wealth protection. A clear way to balance a euro-concentrated portfolio.
02
Tax efficiency
Florida levies no state income tax, and no state-level wealth or inheritance taxes. One of the most efficient destinations for European capital.
03
Direct developer access
Direct relationships with Florida developers: pre-construction pricing and terms that never reach the open market.
04
Structural demand
Florida steadily attracts corporate headquarters and new residents, sustaining housing demand in both sales and rentals.
+35%Historical average appreciation · properties up to $1M
+55%Historical average appreciation · properties above $1M
80%Maximum financing for non-residents
Appreciation figures: public reference data from the U.S. MLS, measured on purchase value. These are market references, not a guarantee of returns. Financing subject to each project's terms.
(02)Current portfolio
Five projects, five ways into Miami.
A selection of active developments with pre-construction terms. Full dossier for each project available upon request.
01
Gaia Residences
Hollywood, Florida
Golf course and ocean views, no rental restrictions. Includes golf club and beach club membership. The most accessible project in the portfolio.
From $486,900 · Financing up to 60% · Est. delivery 2028
02
Flow Residences
Miami
Fully furnished units, rental-ready from day one, with an 8.5% leaseback programme guaranteed by the developer.
From $600,000 · Financing up to 80%
03
120 Brickell Signature
Brickell
Residence and private office with separate property titles, in the financial district. No operator, no rental restrictions.
From $720,500 · Financing up to 70%
04
Frida Kahlo Residences
Wynwood
Residence and office with separate titles in the heart of Wynwood, Miami's art district.
From $729,000 · Financing up to 60%
05
Delano Residences & Hotel
Downtown Miami
Iconic 90-storey tower with Miami's first observatory and a sky pool 800 feet up. Ultra-luxury with signature dining.
From $750,900 · Financing up to 60%
(03)Local backing
A real presence in Florida, not at a distance.
Horlux & Emuna operates in Miami alongside Rubén Alfonso Real Estate Group by Beachfront Realty, Miami's leading independent real estate company by sales volume: over 1,800 licensed professionals, legal and tax teams specialised in international investors, rental and resale departments, U.S. bank account opening from Spain, and financing for foreign buyers of up to 80%. Investors are supported before, during and after the transaction.
The advantage lies in entering before construction begins.
A boutique firm built on relationships, not volume.
(01)Who we are
Judgement, access and execution.
Horlux & Emuna Real Estate Partners is born from the union of two boutique firms: Horlux, founded by Álvaro Ortuño Ros, and Emuna Real Estate, founded by Israel Sánchez. One real estate brokerage firm, based in Madrid, Marbella, Ibiza and Miami and active in the main cities of Spain, Portugal and Italy, built on trust, honesty and direct access to real opportunities: owners, developers, hotel operators and investors.
We do not aim to look big. We aim to be reliable, selective and capable of executing real transactions, nurturing each relationship so it lasts many years and many deals.
(02)Part of the team
Direct dialogue, at the highest level.
At Horlux & Emuna, every client works directly with the people who make the decisions. No intermediate layers, full confidentiality.
Álvaro Ortuño RosFounding Partner
Founder of Horlux. Direct access to owners, developers, hotel operators and investors across Spain, Portugal, Italy and Miami.
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Israel SánchezFounding Partner
Founder of Emuna Real Estate. A consolidated network of substantial private wealth, elite athletes and private investors.
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Alexandre CoffinManaging Director
Over twenty years of executive leadership in multinational professional services firms, leading teams and operations across Spain and Southern Europe.
(03)Where we operate
Based in Madrid, Marbella, Ibiza and Miami. Reach wherever the deal requires.
We are real estate brokers and we work wherever the product is. Our main bases are Madrid, Marbella, Ibiza and Miami; from there we assist residential clients in any city in Spain and originate investment assets in the main cities of Spain, Portugal and Italy for hospitality investors, private wealth and family offices.
Main bases
Madrid, Marbella, Ibiza and Miami. High-end residential, investment and villa rentals, with presence and our own network in each city.
Spain
Barcelona, Valencia, Seville, Málaga, Bilbao, San Sebastián, Granada and Córdoba, among others. Investment product for hospitality and private wealth, and residential homes in any city where a client needs one.
Portugal and Italy
Lisbon and Porto. Milan, Rome and Florence. Hotels, buildings and singular residential, handled with trusted local partners.
Other markets
As professional brokers, and thanks to our network of contacts, we reach wherever the client needs us. Every assignment outside our core cities is assessed individually.
(04)Relationships
Product and capital, at the same table.
Horlux & Emuna works with hotel operators, private banking and leading firms — among them Room00, Petite Palace, Port Blue Hotels and A&G Banca Privada — both in sourcing product and in placing it.
The Emuna Real Estate network, now part of the firm, brings access to substantial private wealth, elite athletes and private investors. That is why Horlux & Emuna does not only offer product: it also brings the right buyer to the table.
Room00Petite PalacePort Blue HotelsA&G Banca Privada
(05)Positioning
What Horlux & Emuna is not.
We are not a traditional agency nor a volume business.
We do not burn assets on the market nor expose what should be protected.
We do not oversell opportunities nor present the unconfirmed as fact.
We do not compromise our reputation to close a deal.
The goal is not to close a transaction. It is to build enough trust for that relationship to produce many more.
Álvaro Ortuño & Israel Sánchez · Founding Partners
CONTACT
Every conversation is treated with the same discretion as our transactions.
Madrid, Spain. We work with owners, buyers, investors and operators. If your enquiry is sensitive, let us know — it will be handled with the confidentiality it requires.
Thank you. Your message has arrived.
We reply personally within 24 working hours. If it's urgent, write to us directly on WhatsApp.
A selection of homes at Madrid's best addresses — renovated or with potential.
(01)Current selection
Prime Madrid, with judgement.
A sample of our residential portfolio for sale. Each home has been selected and transformed with design, in high-demand areas. To explore the rest of our opportunities —many of them off-market— let's talk.
Area
Barrio de Salamanca
Chamberí
Centro · Justicia
Retiro
Chamartín · El Viso
Pozuelo · Aravaca
Other areas
Condition
Renovated
To renovate
Exterior / Interior
Exterior
Interior
Floor
Ground / Mezzanine
1ª
2ª
3ª
4ª
5ª
6th or higher
Bedrooms
1+
2+
3+
4+
5+
Bathrooms
1+
2+
3+
4+
Surface
Up to 100 m²
100 – 150 m²
150 – 250 m²
Over 250 m²
Price
Up to €1M
€1 – 2M
€2 – 3M
€3M – €5M
€5M – €10M
Over €10M
Sort by
Price: high to low
Price: low to high
Surface: largest
No properties in this category at the moment. Get in touch — we have off-market options available.
Selling a significant property is a delicate decision. We guide you with discretion, judgement and real access to buyers.
(01)Sell with Horlux & Emuna
Your property, in the right hands.
We don't list your home on hundreds of portals or expose it to the first interested party. We present it, with the confidentiality you choose, to a qualified network of buyers, investors and trusted firms.
01
Honest valuation
We tell you what your property is really worth, with market data and without inflating expectations to win the mandate.
02
Total discretion
Confidential marketing and, if you prefer, entirely off-market. You control who enters your home and when.
03
Real buyers
Direct access to private clients, family offices and investors. Fewer viewings, better qualified, and serious negotiation.
04
End-to-end support
From valuation to signing: documentation, negotiation and closing, with a single point of contact throughout.
Ultra-luxury villas and estates, operated to hotel standards, in the most exclusive destinations of Europe, the Caribbean, the Americas, Africa and Antarctica.
(01)Rental portfolio
Private villas, hotel service.
A selection of villas for rent with daily housekeeping, concierge and five-star service. Each listing includes video, capacity and an indicative weekly rate. Availability and terms on request.
Guests
6+
10+
14+
18+
Bedrooms
3+
5+
7+
9+
No villas match those criteria. Widen the search or contact us.
Land, hotels, buildings, retail and residences that are not on the market. Only for those who work with us.
(01)Off-market product
What is never published is what makes the difference.
Most of our activity happens off the market: assets their owners do not want to expose, presented only to specific investors and buyers under signed confidentiality. They have no photo on any portal and no advertisement on any website. Here you will find the type of product we give access to and a selection of live operations on a blind profile, without identifying the asset; the asset itself is presented in person.
(02)Product lines
Five product lines. One criterion: real access.
01
Land
Ready-to-build and development land, residential, commercial and hotel use, in the main cities and along the coast. Identified owner and direct dialogue.
02
Hotels
Operating hotels and buildings with hotel use in Madrid, Barcelona, the coast and the islands. Discreet transactions with owners and operators.
03
Buildings
Entire residential and office buildings, to reposition, refurbish or hold for income. Institutional product with no public exposure.
04
Retail
Retail units on prime streets and income-producing assets with first-class tenants. For private wealth and family offices.
05
Residential
Singular homes in La Moraleja, La Finca, Los Lagos and the most exclusive areas of Madrid, Marbella and Ibiza. Homes their owners never put on the open market.
(03)Live opportunities
A selection, on a blind profile.
Six live operations from our portfolio, presented without identifying the asset: broad location, indicative price and the essentials of each one. The exact address, the full documentation and the operating figures are provided to qualified investors once confidentiality has been signed.
OM-01Building
Detached mansion
Madrid · prime area
Area~1,400 m² built
Plot~780 m²
StatusFully let
StrategyTrophy asset · long-term hold
A freestanding mansion with a commanding façade, its own inner courtyard and underground parking. Product that is never replaced on this axis.
Indicative price30 – 35 M€
OM-02Building
Entire building with air rights
Madrid · prime area
Area~2,100 m² · up to ~3,600 m²
ConditionVacant · no leases
Floors5, three more achievable
UseResidential or hotel
Air rights to grow in line with the adjoining heights, on one of the most liquid axes of prime Madrid.
Indicative price38 – 45 M€
OM-03Building
Classic 1905 building
Madrid · city centre
Area~3,100 m²
Programme8 homes + 2 retail units
DeliveryVacant building
ExtrasBasement for amenities
A blank canvas in impeccable condition: high ceilings, south-facing balconies and original period features.
Indicative price35 – 40 M€
OM-04Hotel project
Ensemble for a luxury hotel
Madrid · historic centre
Area~3,900 m² · 3 buildings
ProjectHotel of ~78 rooms
ConditionVacant · full refurbishment
LicensingPre-existing hotel use
A pre-existing hotel position in the historic centre, virtually impossible to replicate under current planning rules.
Indicative price50 – 55 M€
OM-05Operating hotel
Five-star boutique hotel
Balearics · southern Mallorca
Accommodation50 rooms and suites
Area~5,200 m² · plot ~4,000 m²
FacilitiesSpa, three restaurants and rooftop
TransferFree of operator
More than thirty years under the same family ownership, fully updated and with a purchase option on an adjoining plot.
Indicative price20 – 25 M€
OM-06Operating hotel
Boutique agritourism with vineyard
Balearics · northeastern Mallorca
Accommodation24 suites · 36 after the extension
Estate~35 ha · own vineyard
Area~2,600 m²
IncludedExtension project with permits
A Mallorcan possessió with a private path to the beach, pool and spa, and a permitted project for twelve further suites.
Indicative price10 – 15 M€
Indicative areas and prices, according to information provided by the owner and subject to verification in due diligence. They do not constitute an offer or a contractual document. Brokerage fee: 3 % + VAT on the purchase price, payable by the buyer. The full portfolio is not published.
(04)How to gain access
A simple, discreet and direct process.
01
Tell us what you are looking for
Asset type, location, investment range and timing. A conversation, not endless forms.
02
We verify and sign confidentiality
We check the investor profile and sign a confidentiality agreement before sharing any information.
03
We present the product and stay with you
We present only what fits, with full documentation, and stay by your side through to closing.
The best product is never advertised. It is presented to the right person, at the right time.
Interior · Private collection
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