Let me start by actually talking about the West Yellowstone "town" as background: it's full of 1 star (or less) motels, some very cheap looking. By comparison, Gray Wolf Inn (G.W.I.) has to be one of the top 5 in town in terms of appearance and decor (I know, I ran around town 3 times).
Having said that, you'll pay $$'s for that experience. The G.W.I. is a decent, average hotel. Overall it is clean and relatively modern. It offers a reasonable pool and hot-tub. Breakfast is free and covers cereals, bagels, pancakes, boiled eggs, pastries, fruit juice, banana's/apples. The rooms are average and offer 2 beds (new mattresses they said....and I'd believe them), 2 chairs, a table, a fridge, microwave, old-style CRT TV. The aircon is an older style unit - we had it on full the whole day and that's with an outside air temp of low 70's.
Location wise, G.W.I. is on the quieter side of town, just 2 blocks from the main part. You can easily walk around town and there's no real noise or nightlife to suggest town in noisy.
Which brings me to the downside: noise. We overhead more than one guest complaining about noise to the front desk. Our parents stayed with us in the room and they also kept getting woken by neighbors or noise outside. Personally, my wife and I learned long ago to travel with ear-plugs and we had no issues other than on the last morning, when the wolves from the Bear & Wolf sanctuary across the street began howling briefly!
Also note that the hotel caters to large bus parties at times. This can make getting a seat at breakfast a bit of a challenge some days.
All in all, the G.W.I. is an average to good hotel. In the area it is in it would probably be considered very good, but you'll pay for that privilege.
Room Tip: 2nd or 3rd floor and probably better facing south.
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This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.