By John McDevitt

PHILADELPHIA (CBS) – A dedication ceremony was held Thursday for the new Hotel Monaco along Independence Mall.

A red ribbon stretched across Chestnut Street was broken by a bicyclist and about 100 more who streamed through.

A choreographed number followed, with dancers and cyclists  moving to the song “You Can Ring My Bell.”

Mayor Michael Nutter was among speakers:

“This is about jobs this is about economic vitality this is about a significant investment by our partner here and everyone working together,” he said.

The newly renovated  boutique Hotel cost nearly $90-million. It’s the second Kimpton hotel in Philadelphia and the 57th in the entire chain.

Kimpton C.E.O. Mike Depatie says the building, which was built back in 1907, has been totally transformed.

“I think of the 57 hotels, I shouldn’t say this, it’s the best ever.”

A new street level restaurant and rooftop lounge are incorporated into the property.