The 'Flying Red Pegasus' was recently replaced by an exact duplicate and re-established on top of the building for New Years Eve 2000. It is lit up in neon red, and revolves like the original did when first built many decades ago (the original is on display at the Dallas Farmer's Market).
The Magnolia Building was originally an office building and the headquarters of the Magnolia Petroleum Company (later Mobil Oil). The company used the building until 1977, when it moved out of downtown. In 1997, it was purchased by Denver developers who converted the old office building into a hotel.
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