I've stayed at a number of places on or near the strip.  That is one of the places that I rule out from making reservations at, there are a few others I wouldn't consider either.

Well....

I think the hotel went through a renovation sometime ago the rooms they're okay kind of dated imo.
The surrounding area around the hotel is not the greatest.
However if my memory serves correctly one of the suites has a jacuzzi in the room and I think there was mirrors on one part of the wall around the tub.
I know you didn't ask for other suggestions but just throwing it out there you are close to the SLS hotel(the old Sahara Hotel) it is a few minutes away from the Stratosphere.Pretty modern rooms.
Have fun!

You do realize there are no rooms up there, right? The building with the rooms is only 10 stories or so.  
I enjoy the rides at the top of the observation tower. I also enjoy jumping off the tower. That is a rush for sure. But you don't have to stay there to enjoy those things. If your tastes run along the lines of the Palazzo you probably will not be satisfied by the rooms there. Stay at SLS and walk over to the Stratosphere to enjoy the tower.
If you want to stay at a low end hotel for shits and giggles you could take your last chance at the Riviera before they implode it. I've never stayed there. I can't imagine how they keep the rooms now that they are closing.

I spent one night at the Red Rock, very nice.

Why not try one of the locals' hotels M Resort, Red Rock, Green Valley Ranch?  They are usually reasonable.

I would tend to agree with negative comments on Stratosphere.  That project was a disaster from the day it was built.

I agree that the M (or Red Rock or Green Valley Ranch) is a far superior place to stay for one night than the Stratosphere.  I always stay at the Palazzo but have stayed at all three of these other places, and they are very nice.

It is a budget hotel.  
Like most things in this town you get what you pay for.  
You will have a place to sleep and a hot shower. Amazing amenities not so much.  
If you choose to have company that evening no one is going to turn you down because you are there.

I can guarantee you will appreciate the Palazzo that much more.  

Kisses
Angel

THANKS EVERYONE.

I would agree with Heathergfe about the attraction to the Stratosphere being the height .The rides.
Some people visiting Vegas spend very little time in thier rooms and dont care about it as long as there arent any cockroaches. I think you are safe from them. Its definately several notches down in fanciness from The Palazzo but I wouldnt call it a total shithole!