Cllr Pat Nash said: "This is an asset for Peterborough, a very impressive building in the centre of the city."

Also present were the hotel's general manager James Berry, regional director Park Inn UK Phillip Dark and Bill Agnew, business liaison executive at Opportunity Peterborough.

Mr Agnew echoed the mayor's sentiments when he referred to it as a "great day for Peterborough because of the significant investment in the city centre."

he said: "It is a vote of confidence by the (operator) Rezidor Hotel group for the future of Peterborough. Investment like this will only help to support city centre economy."

The park Inn Peterborough, in Wentworth Street, and overlooking Bourges Boulevard, brings with it the creation of about 50 full-time jobs.

The hotel also brings its "young, dynamic and innovative mid-market brand to the city" and will target the corporate, meetings and leisure sectors.

It is also a hotel which is very much geared to serving the local community, according to Mr Berry.

"I am very pleased to be opening on time and very pleased with the people I have taken on board," he said.

"Working with the local community is fundamental to our business and to our success."

This was borne out right away when the hotel provided the catering for the Kidney Research UK event at the cathedral last night opened by the mayor.

In addition to the bright and comfortable guest rooms, the hotel also has three flexible meeting rooms, a lounge, on-site car parking and the Park Inn's recently launched signature restaurant – the RBG Bar & Grill. A stylish venue, it offers dishes from the charcoal grill, including the best gourmet burgers.

The Park Inn is only about five minutes' walk from the main railway and bus stations, and has secure on-site parking for guests.

Its week night rates are from £109, while weekend leisure rates are from £69 room only/£79 B&B.

Peterborough will be 20th Park Inn hotel in the UK, and the second new-build one after Park Inn Leigh opened in October.

"Park Inn is Rezidor's fastest growing brand and the UK is one of its most important markets. Across the country we currently have 35 hotels with over 5,700 rooms in operation and under development and we have plans to further grow our portfolio," said Kurt Ritter, president and CEO of The Rezidor Hotel Group.

"Opening Park Inn Peterborough as our 20th Park Inn in the region is a significant landmark to reach in less than five years since the first Park Inn opened in the UK."