The 56 room hotel will open to guests later this month with a launch planned for early November.
The hotel’s developers Dransfield Properties Ltd handed the keys to the Travelodge team to mark the official handover of the building after the completion of the main building work by contractors PDR Construction Ltd.
As well as the new hotel, the development has delivered major improvements to the town’s Roseways Car Park and a stunning new ground floor restaurant space which is currently being marketed to potential occupiers.
The Edwardian style building has transformed a former run down site at the junction of North Street and Market Street, bringing a much needed facility for business and leisure visitors the town.
James Shepherd, estates director at Dransfield Properties, said: “This is our company’s first hotel development and we are delighted to be handing over the building to Travelodge ready for the opening later this month.
“The building looks fantastic and has really transformed this part of Gainsborough.
“There has long been a need for a good quality hotel in the town and it’s great to see our plans to remedy that coming to fruition.”
Work started late last year on the site after the run down former Sun Inn building was demolished.
Earlier this year children from The Gainsborough Parish Church of England Primary School buried a special time capsule on the site as part of the topping out celebrations.
Dransfield Properties and West Lindsey District Council are working in partnership to also transform the Market Street, Market Place, Church Street and North Street area of the town which also involves refurbishing run down shops to create a new independent quarter in the town.