It is owned by Whitehall Street Real Estate Funds, an affiliate of Goldman, Sachs & Co who purchased American Casino & Entertainment Properties which includes the Stratosphere along with three other properties. The sale closed on February 21, 2008 for US$1.3 billion. The property's signature attraction is the 1,149 ft (350.2 m) Stratosphere Tower, the tallest freestanding observation tower in the United States, and the second tallest in the Western Hemisphere, surpassed only by the CN Tower in Toronto, Ontario. The hotel is a separate building with 24 stories, 2,427 rooms and an 80,000 sq ft (7,400 m2) casino.
The Stratosphere is the northernmost of the major Strip casinos and the only one actually in the City of Las Vegas, as the rest of the Strip south of Sahara Avenue is in the unincorporated communities of Paradise and Winchester. Note, however, that the Nevada Gaming Control Board does not include the Stratosphere in its definition of the Strip, instead grouping it with Downtown Las Vegas casinos.