Invest News DetailStar - Turkey's economic transformation amazes the world. Peter Vermeer, Vice President of the international hotel chain Intercontinental Hotels Group (IHG), remarked that there is ‘an excellent entrepreneurial spirit’ in Turkey. Vermeer signed the cooperation agreement between IHG and Bayraktar Holding of Turkey for the rebranding of the VIA Hotel in Pendik, Istanbul. “Turkey caught up with the Asian countries in economic development with its USD 80 billion forex reserve and forecasted growth of 7 percent for 2012,” Vermeer told reporters in the joint press conference, explaining the underlying reason of Turkey being the location of their investment. Vermeer went on to praise Turkish entrepreneurial spirit and dynamism. According to a cooperation agreement between Intercontinental Hotels and the Bayraktar Group, Via Hotel will join the IHG network and change its name to ”Crowne Plaza Istanbul Asia”.