The building has purpose-built commercial accommodation on the ground floor and a newly built 66-bedroom hotel above.
The Travelodge and three commercial units represent the final phase of the development by Newark and Sherwood District Council, with the front of the shops opening onto a newly pedestrianised thoroughfare from the town centre to Asda, and to the rear onto Lombard Street.
The council said the development had returned the £3.15 million that it had loaned for its half share of the development costs.
It said that was is in addition to the estimated revenue generated from the rent of the three commercial units.
One unit has been occupied by Kutchenhaus Newark, which is one of 50 UK franchises for the German kitchen maker.
This showroom is run by Jodie Mills and her business partner Siobhann Lucy, who have 15 years’ experience in the kitchen industry between them.
Terms have also been agreed for a premium coffee shop which will open later in the year while Beaumond House Community Hospice is planning to open a charity shop next door.
Coun Rhona Holloway, portfolio holder for economic development and visitors at Newark and Sherwood District Council, said: “I am absolutely delighted that we have completed the redevelopment of the former Robin Hood hotel at Beaumond Cross and look forward to seeing the tenants of the three new units open and thriving soon.
“This exciting and transformational project has breathed new life into a long-standing and complex area of this town at no cost to the taxpayer, which without intervention from the Council would have remained derelict.
“The redevelopment will boost the shopper’s experience and provide a catalyst for further investment for the town centre.”
Lewis Cove, associate director at commercial property consultants Banks Long & Co, said “We are pleased to have assisted in the successful redevelopment of Beaumond Cross and now, working on behalf of Newark and Sherwood District Council, to be able to introduce new tenants to the scheme and enhance Newark’s retail offer.”
