Image caption The trading floor of the Coal Exchange at its peak

Cardiff's Grade II*-listed Coal Exchange has reopened after a £40m project to save it.

The Mount Stuart Square building, last used as an arts venue, closed in 2013 and was described as "a crumbling eyesore" by developer Signature Living.

Built in 1883, it was once where the world price of coal was set and the first £1m cheque signed.

Its future had been under threat but the Grand Hall and 40 hotel rooms opened on Saturday.

This represents the first phase and when all work is finished later this year, it will feature 200 rooms, a restaurant and events space.

Media playback is unsupported on your device Media caption Coal Exchange was 'a cantankerous old lady' to develop

The developer said it had to remove 1,100 tonnes of rubble from the site and repaired several floors that had collapsed during the eight-month restoration.

"The rot and decay has been swept away and the building has been fully revived," said Signature Living's Lawrence Kenwright.

"Every possible original feature has been saved and the feeling of grandeur has fully returned."