Situated in a recently-renovated, historic building in Plaza Universidad, Gran Via is right in the city centre on a bustling junction, close to Catalunya Square. In the heart of the city and Barcelona's major commercial activity, the square is situated in one of the main streets of the city, Gran Via de las Cortes Catalanas, surrounded by restaurants, hotels and shops and close to the University of Barcelona and the cultural and contemporary centre of the city. Aside from the city's standing as a major economic centre with a growing financial emphasis, Barcelona is recognised as the most popular tourist destination in Spain and is one of the richest cities by GDP in the European Union.