Valencia remains one of the more elegant Spanish cities to reach in a lie-flat seat, and the reality is there's no nonstop option—every itinerary in business class from Houston to Valencia routes through a European or UK hub, most commonly Madrid via Iberia, London Heathrow via British Airways, or Frankfurt/Munich via Lufthansa. My preference after years working this connection is Iberia through Madrid: the A330 and A350 business cabins offer proper lie-flat seats with direct aisle access, and Barajas has a dedicated arrivals flow for connecting Iberia passengers that makes the onward hop to Valencia painless, often on a regional jet with minimal wait. British Airways via Heathrow gives you the Club Suite on the transatlantic leg out of IAH's Terminal D—a genuine door-equipped suite—but Heathrow's T5 connection to a Valencia-bound flight from a different terminal or codeshare partner can eat into your buffer, so I never book less than 90 minutes there.
Lufthansa routes through Frankfurt or Munich, and depending on aircraft assignment you may find their newer Allegris business seats on select long-haul frames, though this isn't guaranteed on the Houston sector—worth checking your specific tail number assignment before you fly if that's a priority for you. My insider tip: skip the Frankfurt connection during Oktoberfest season (mid-September into early October) when Munich transfers get congested with leisure traffic; Madrid stays calmer and Iberia's ground staff are notably efficient with tight connections into VLC.
Shoulder season—April, May, September, and October—consistently produces the best business class value on this corridor, coinciding nicely with Valencia's most pleasant weather for wandering the City of Arts and Sciences or the old town without summer's heat. Because award space and fares fluctuate week to week across these three carriers and their hub cities, setting up automated fare alerts for the Houston–Valencia route is the smartest way to catch a premium seat before it disappears.