This is just before the turn off to junction 128 at Mendez Nuñez. This is the most popular turn off for people visiting the centre of Granada. The photo shows the turn off coming from Madrid or the north. The cheapest car park for stays of over 48 hours is the Severa Ochoa car park and it is near to exit 128. For more info about the Severa Ochoa car park Click here Granada is a fairly small city and it is a very bad idea to try to drive around, just park your car and then get around on foot or by public transport. Granada is a very difficult city to drive around and some roads have restricted access. There are cameras controlling who goes past the restricted signs. Physical barriers were removed because it is much more profitable to let people drive people past the restriction signs and then fine them later. They are very clear and you can't really complain if you get a fine.
The local council make a lot of money from the fines so unless you want to give a donation of over 150 euros to the local council of Granada don't disobey the restriction zones. One of the problems of using GPS systems such as google or tom tom is that they attempt to take you the wrong way down restricted streets. See the link below which will set your gps to junction 128 which is the best way to enter from the motoray if you want to park in Severa Ochoa. Gps systems try to make you take a different turn off which is probably not a good idea.
When you book an accommodation in Granada make sure that they can give you good arrival instructions and advice about the best place to park and how to get there. I would even cancel a hotel and book another if they just give you the address and expect you to fend for yourself.