You can use multi-line string tokens.
In Lua, thats done using the [[ .. ]] syntax
So, for example:
Html_string = Html_string .. [[
]] .. gettext("Last Upgrade") .. [[Upgrade_status]]
Inside of [[..]] you don't even have to escape any characters. If your html content happens to contain [[ ..]] itself, you can expand it to [=[ .. ]=] to avoid conflicts. This expansion can be done to any number of = signs, as long as its the same amount in the opening and closing tag.
See the PiL for reference, it even uses HTML as an example for the multiline strings.