TGT says it was called Rod Knights Wagon Wheel with no other info. Under Wagon Wheel Hotel it has:
326 6th avenue
Owners: Knight, Plotke, et. al.
Opened: 1953 - 1974

Currently there is a Wagon Wheel at this address
WAGON WHEEL MOTEL
340 6th Street
(775) 752-2151

Pictures of downtown, close but no cigar:
http://www.virtualguidebooks.com/Nevada/NorthCentralNevada/HumboldtRiver/SeventhStreetWells.html