Location is great if you want to be where the action is. However, the beds are so horrible that I would never recommend staying here. I can't imagine how old or cheap the mattresses must be. Worse than a sofa bed.
To be fair, staff was very nice, but really, really bad beds.

What we liked: Location is simply perfect, close to everything important (Duval street - the most busy street in the town, Zachary fort - the most beautiful beach, sunset square, shops, restaurants etc.). Room was small, but nice and clean. Parking was for 10 USD per night, wifi was for free (good connection).
What we didn´t like: We couldn´t open the window so we missed fresh air. Breakfast was very basic.

We had a really good time with the Pegasus as our home base. The owners really are vested into keeping this place up. We had a great time at the bar; Gary took care of our every need when we stopped by the bar. We hung out at the hot tub a couple of nights - they cleaned the pool and hot tub every day. This is a very reasonable place to stay; while not having all the bells and whistles of the higher end properties, we experienced comfort and rest at a reasonable price. What more could you ask for?! The only change I would make was requesting a room with a mattress topper - our mattress was so firm as to make my hands numb sleeping on it overnight.

The hotel offers a good value for money with great location and comfy, clean rooms. The staff was very helpful and parking on hotel's lot was reasonably priced. Complimentary breakfast was scarce as usually, but was enough to start the day for me. The rooftop pool area is an outstanding place to enjoy the hot Florida sun. I would recommend this place to anyone wanting to stay close to the Duval street and all its attractions.