A series of hydroxyalkyl‐functionalized imidazolium salts have been coordinated to Rh and Ir to afford the corresponding MCp*–(NHC) (Cp*=pentamethylcyclopentadienyl) complexes. The reactivity of the new complexes has been studied with special attention to the transformations that deal with the alcohol functionality. The metal‐mediated intramolecular transformations allowed the formation of several products that resulted from the oxidation of the alcohols to aldehydes and esters. All the new complexes have been fully characterized, and the crystal structures of the most representative complexes have been resolved.