Essen was the European Capital of Culture in 2010 and is the perfect example of a city that has mastered the transformation from being an industrial metropolis to becoming an important economic, cultural and service centre. The Grugapark is a popular excursion destination, created from the former grounds of the Large Ruhr Garden Exhibition. The Baldeney Lake is situated to the south of the city, which is ideal for sailing, hosting the Germany’s largest inland lake regatta each year. Essen’s flair is influenced by its location on the Rhine and its many cultural institutions such as the Essen Philharmonia, the Hügel Villa, the Folkwang Museum and the Ruhr Museum. Due to its ideal transportation connections in the direction of Düsseldorf and the eastern Ruhr region, the Ruhr metropolis Essen is equally attractive as a business and as a residential location.