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Dominus, a leading investor, developer, and operator in the hotel and student living sectors, and Cheyne Capital, the global alternative investment manager, have secured approval from the City of London Corporation to transform Ibex House from a vacant 250,000 sq ft (GIA) office into a 382-room hotel designed by renowned hospitality specialists, Studio Moren.
Built between 1935 and 1937, Ibex House, 42-47 The Minories, is a landmark Grade II-listed Art Deco building located in the heart of the City of London, moments from Aldgate, Fenchurch Street and Tower Hill.
Following completion of the acquisition by the joint venture in December 2025, Dominus will now begin the transformation of the building into a market-leading full-service hotel. The plans include more than 50,000 sq ft of public area, a state-of-the-art conference centre with a ballroom, flexible meeting spaces, a new café, and the upgrading, reinvention and reopening of the currently closed ‘Peacock’ pub.
The hotel is due to open in late 2028 and will be operated by Dominus’s in-house hotel operating platform, adding to their growing portfolio of six hotels, predominantly located in central London.
The plans will retain 100% of the building’s substructure and 90% of its superstructure, breathing new life into the rare, Streamline Moderne Art Deco style building. The designs for the pub are inspired by, and pay tribute to, the Art Deco nature of the wider building, while more than doubling its size from 2,300 sq ft to 5,000 sq ft, including the creation of a new speakeasy. The café will open onto the Minories and Portsoken Street, with ongoing discussions about using the space to celebrate the Art Deco movement.
The ground floor will include the creation of an on-site Hospitality Academy, working in partnership with The Springboard Charity, as part of a commitment to investing in the talent of the future. The Academy will offer training and employment pathways for local people, with a focus on those who face barriers to employment. It is expected that the hotel will employ over 160 people once operational.
The plans support the City of London Corporation’s ‘Destination City’ growth strategy, which aims to attract more businesses, workers and visitors to the Square Mile as part of a thriving, seven-day-a-week destination.
Dominus and Cheyne Capital have previously partnered on the 2024 acquisition of 65 Fleet Street, their first joint venture. Together they are delivering an 875-bed student living scheme while also restoring the Grade II-listed Tipperary pub, London’s oldest Irish pub, and the Grade II-listed Whitefriars Crypt.
Preet Ahluwalia, Chief Executive Officer, Dominus, said: “Drawing on our development and operational expertise, we will transform this vacant office building into a landmark hotel that will celebrate its Art Deco design. Our plans include opening up the ground floor with a pub, café and hospitality academy as part of our commitment to creating exceptional spaces that deliver long-term value.”
Hamish Gordon, Director in Cheyne Capital’s Real Estate Group, said: “The plans for Ibex House preserve the character of this landmark building while supporting the City of London’s Destination City ambitions and long-term economic growth. That is why we are pleased to continue our partnership with Dominus on a project that combines heritage restoration with the delivery of a high-quality hotel asset.”
Farran Keenan, Senior Architect at Studio Moren, said: “This iconic Art Deco building set a benchmark for office design when it was built nearly 80 years ago. While the office space has since become tired and underused, the elegance and enduring appeal of its character remain. Our vision for architecture and interior design places the preservation and celebration of its Art Deco heritage at the heart of its transformation into a contemporary landmark hotel.”
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