Grapevine-based NewcrestImage plans to build 270 hotel rooms plus a three-story addition to the Magnolia Building, according to planning documents filed with...
Since last year, the century-old building topped by the Pegasus flying horse sign has been owned by hotel firm NewcrestImage.the new owners promised a makeover. The pending renovations call for creating 270 hotel rooms plus a three-story addition to the building, according to planning documents filed with the state.The Dallas office of architect Gensler is handling the design.
The Magnolia Building was the tallest “skyscraper” west of the Mississippi when it opened in 1922. The rooftop Pegasus sign — a symbol of the Magnolia Oil Co. that was housed in the property for decades — was added in 1934.The sign is owned by the city.The renovation would reduce the number of hotel rooms in the building.
The Magnolia Building is across the street from AT&T’s new $100 million Discovery District, which has outdoor public spaces, restaurants and retail.when it sold more than a dozen North Texas hotels to Austin-based Summit Hotel Properties in a transaction valued at more than $800 million.
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