CHICAGO (WLS) -- Catalan police say missing American University of Alabama student James Gracey has been found dead in waters off Barcelona beach on Thursday.
Mossos police said in a social media post in Catalan that the body was found in the area of Somorrostro beach in Barcelona. The body was later identified as Gracey, a 20-year-old man from Elmhurst, Illinois.
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Gracey's family released a statement after he was found dead:
"Our family is heartbroken as we confirm that Jimmy's body has been recovered in Barcelona.
"Jimmy was a deeply loved son, grandson, brother, nephew, cousin, and friend, and our family is struggling to come to terms with this unimaginable loss.
"We are profoundly grateful for the outpouring of love, support, and prayers from people around the world - so many helped to share Jimmy's story and bring his life to light so that others may know him.
"We also sincerely appreciate the continued support and coordination of the local authorities and the U.S. Consulate as we work to better understand the circumstances surrounding this tragedy.
"As we navigate this painful time, we kindly ask for privacy so that we may grieve together and begin to process his loss as a family."
The University of Alabama released the following statement:
"The University of Alabama community is heartbroken to learn of the death of Jimmy Gracey. Jimmy's loss is deeply felt across our campus. Our condolences are with the Gracey family during this devastating time. We ask that their privacy be respected as they grieve. The University has been in close contact with the family throughout the week and will continue to provide support to them and to Jimmy's friends, classmates, and all members of our community who are affected by this tragedy. Counseling and support resources are available to students by calling UAPD at 205-348-5454, and to other members of the UA community via the Employee Assistance Program at 888-283-3515."
Theta Chi Fraternity released the following statement:
"Theta Chi International Fraternity and the Alpha Phi Chapter at the University of Alabama together mourn the passing of their brother, James "Jimmy" Gracey, whose body was recovered today after a multi-day search in Barcelona, Spain."
Earlier Thursday, authorities said they found the wallet of James "Jimmy" Gracey floating in the water in Spain.
The 20-year-old was last seen on Tuesday at a club in Barcelona.
He was last seen outside of Shoko, a club in Villa Olimpica area on the Barceloneta Beach, in an area popular with tourists, according to his family.
On Thursday, police said they found Gracey's wallet floating in the sea near the beach Somorrostro.
Maritime and aquatic were seen investigating specifically the perimeter where the wallet was found on Wednesday morning.
Gracey's mother said police also have his phone, which had been stolen.

Local media in Spain reported that Gracey was seen leaving the club with another person.
SEE ALSO | Chicago-area native college student James Gracey missing in Spain during spring break trip
"Jimmy is a kind, responsible, and devoted son and brother. It is completely out of character for him not to check in with family and friends," his family said in a statement.
He was last seen wearing a white shirt and dark pants and a chain with a gold rhinestone cross.

"Jimmy" is a junior at the University of Alabama and a graduate of Saint Ignatius College Prep in Chicago. His parents said he was in Spain for spring break.
Local police were using helicopters and maritime patrol in the Olympic Village area, which suggests they're concerned he may have fallen into the sea.
A local reporter says Barcelona has a network of surveillance cameras and local police are trying to reconstruct Jimmy's movements.
Cavin Clay says Gracey is a member of their Theta Chi Fraternity at the University of Alabama.
The Gracey family is asking for help to find out what happened to him. Anyone with information is urged to contact (224) 505-3886.
The U.S. State department has been alerted, and issued the following statement: "The Trump Administration has no greater priority than the safety and security of Americans, and the State Department stands ready to provide all consular assistance to Americans in need abroad.
Theta Chi CEO Mike Mayer said Gracey serves his chapter as both chaplain and one of the philanthropy chairmen.
"We extend our full support to Jimmy's family and loved ones, and we stand ready to help them in any way," Mayer said. "The prayers of the brotherhood of Theta Chi are with Jimmy and all who love him."
St. Ignatius College Prep in Chicago is planning a Memorial Mass for former student James Gracey after he was found dead in Spain.
"We have invited all current parents and students to join us for Memorial Mass to pray for Jimmy's eternal rest on Monday at 8 a.m. at Church of the Holy Family," a statement from St. Ignatius College Prep read. "The news of his death allows us to offer a requiem Mass even though it is a Lenten weekday when Masses for the Dead are typically not allowed."
The Mass will not be open to the public.
ABC News and the Associated Press contributed to this report.