The Magnolia Hotel is a 29-story, Beaux-Arts style, upscale hotel in the Main Street District of downtown Dallas, Texas, that for many years was the tallest building in the state. The structure is a Dallas Landmark and is listed on the National Register of Historic Places.HistoryThe building, which opened next door to the Adolphus Hotel in August 1922 at a cost of US $4 million, was originally the headquarters for the Magnolia Petroleum Company. In 1934, the company erected its trademark neon Pegasus on the building's roof (the Pegasus logo later became the logo of Mobil Oil who merged with Magnolia Petroleum in 1959) to celebrate the American Petroleum Institute's annual meeting, held in Dallas for the first time. The rotating winged horse came to represent the city of Dallas and became one of its most recognizable and endearing landmarks, even after the building became obscured by much larger skyscrapers (the neon Pegasus can now only be seen in the downtown skyline approaching from the south).By 1974, however, Pegasus stopped rotating due to mechanical problems and in 1977, the Mobil Oil Company moved their headquarters out of the aging building and the property was sold to the city of Dallas. The building was listed in the National Register of Historic Places in 1978.