Lexington, VA fancies itself as a beautiful, historic town. There are quite a few hotels for a town its size.
We offer no warranty on America's Best Value Inn, Budget Inn, or the Econolodge, but they are the cheapest.
The Lexington Visitors Center includes on its list of recommendations locations that are in Buena Vista (about 6 miles east of Lexington), Raphine (about 11 miles north), and Natural Bridge (about 10 miles south). Here is a link to their list: