A townhouse in the historic centre of Marbella, inside the old town, currently run as an annex of the Hôtel La Fonda Relais & Châteaux — the five-star boutique hotel a few streets away. That is the unusual part of this one. The house is a functioning piece of a five-star operation, let for part of the year with the owner choosing how many days to make available and keeping the rest. It is rented and it rents well; what it earns and what it could earn is a conversation to have properly rather than a line in a listing, and we are happy to go through the real numbers with you. As a house it is the old town done properly. Terracotta floors, exposed wooden beams, a fireplace in the living room and two floor-to-ceiling windows that keep the main room bright. There is an interior patio with its own water well kept as a decorative feature — the kind of detail that cannot be built into a new house. The layout runs over three floors. On the first are two bedrooms, each with an en-suite shower room: the master has a dressing room and three tall windows with balconies over a quiet pedestrian street, the second looks onto the interior patio. The top floor holds a third room with high ceilings, usable as a guest bedroom or a study, and it opens onto a large private roof terrace with sun all day, a bar and barbecue area and room for several seating areas. The specification is better than the age suggests: underfloor heating in the kitchen and both bathrooms, solar panels for hot water, hot and cold air conditioning throughout, double glazing, solid wood doors and windows, and a pellet stove in the living room. Old-town living means walking everywhere — Plaza de los Naranjos, the restaurants, the Paseo Marítimo and the beach are all on foot — and it means no garage and narrow streets. For the right buyer that is not a compromise, it is the whole point. 185 m² built over three floors. Three bedrooms, interior patio with well, large private roof terrace, underfloor heating, solar hot water, air conditioning.