We develop a multimode model that describes the dynamics on a rotating Bose-Einstein condensate confined by a ring-shaped optical lattice with large filling numbers. The parameters of the model are obtained as a function of the rotation frequency using full 3D Gross-Pitaevskii simulations. From such numerical calculations, we extract the velocity field induced at each site and analyze the relation and the differences between the phase of the hopping parameter of our model and the Peierls phase. To this end, a detailed discussion of such phases is presented in geometrical terms which takes into account the position of the junctions for different configurations. For circularly symmetric onsite densities a simple analytical relation between the hopping phase and the angular momentum is found for arbitrary number of sites. Finally, we confront the results of the rotating multimode model dynamics with Gross-Pitaevskii simulations finding a perfect agreement.