Plaza de la Lealtad

Plaza de la Lealtad is a small, circular square in Madrid tucked just off the Paseo del Prado — a spot most visitors walk past on their way to the Prado Museum, yet one that holds one of the city's most significant historical monuments.

Where exactly is the square?

The plaza sits directly on the Paseo del Prado, facing the Madrid Stock Exchange building (Bolsa de Madrid) and right next to the Ritz hotel (now the Mandarin Oriental Ritz), whose address is literally Plaza de la Lealtad 5. It's a prestigious address, only a few hundred meters from the Prado Museum and the entrance to Retiro Park, surrounded by grand late-19th-century neoclassical architecture.

What stands at the center of the square?

The centerpiece is an obelisk, officially known as the Monumento a los Caídos por España, raised in honor of the victims of the Dos de Mayo uprising of 1808, when the people of Madrid rose up against the occupying Napoleonic troops. The monument's base holds the remains of several of that uprising's best-known figures, including Captains Luis Daoíz and Pedro Velarde and Lieutenant Jacinto Ruiz — the officers who organized the defense of the nearby artillery barracks in Retiro and died fighting the French forces.

How did the monument come to be built?

The decision to erect a monument to the victims of the uprising was made by the Cortes of Cádiz in the early 19th century, but construction did not actually begin until April 1821, when the foundation stone was laid. The design was chosen through a competition won by architect Isidro González Velázquez. Work then stalled for years during the restored absolutist rule of Ferdinand VII, resumed in 1836, and the finished monument was finally unveiled on 2 May 1840 — precisely on the anniversary of the events it commemorates. The plaza itself, with its ring of paths and concentric flowerbeds encircling the obelisk, took its present layout decades later, already appearing in city maps by 1877. The stretch of path facing the Paseo del Prado was deliberately laid out in a straight line to give a clearer view of the monument. In November 1985, King Juan Carlos I formally rededicated the obelisk as the Monumento a los Caídos por España, cementing its role as a national site of remembrance.

What else is worth seeing nearby?

The buildings ringing the plaza are landmarks in their own right. The Madrid Stock Exchange, built between 1884 and 1893 to a design by architect Enrique María Repullés y Vargas, is a striking neoclassical structure fronted by a monumental colonnade. Facing it stands the Ritz hotel, opened in 1910 in Belle Époque style and still one of the most exclusive addresses in the city. The Navy General Headquarters (Cuartel General de la Armada) also borders the square directly. A visit here pairs naturally with a stop at the Prado or a walk through Retiro Park, both within a few minutes on foot.

Frequently asked questions

Is there an entrance fee for the square? No — it's an open public space, freely accessible at any time.

How long does it take to see it? Walking around the plaza takes about 10–15 minutes; it's more of a landmark and a pause point than a sight requiring an extended visit.

Can you get close to the monument? Yes, the obelisk stands in the central flowerbed, reachable from the paths that circle the plaza.

How do you get there? The nearest metro stations are Banco de España and Retiro, and the square is also served by several bus lines running along the Paseo del Prado.

Why is the square called "Lealtad" (loyalty)? The name refers to the loyalty of Madrid's residents, who in 1808 stood by the Spanish crown and resisted the French occupation at great cost to themselves.