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Property developer Agung Podomoro will spend Rp 400 billion ($44.4 million) to buy a hotel in West Denpasar, Bali, but is remaining tight-lipped on how it will finance it.

“We will acquire a hotel in Bali,’’ Indra Wijaya, the company’s vice president director, said recently.

Agung plans to develop the hotel with other investors from Surabaya. Under the plan, Agung will own 51 percent of the hotel and the other investors will control the rest. Indra did not disclose further details about the other investors.

The hotel acquisition will be made through the Agung unit Agung Podomoro Land, and the hotel will occupy four hectares in Seminyak village.

Indra said the facility has already been operating but Agung intends to expand it.

He did not elaborate on how the company would finance the acquisition.

Agung Podomoro also plans to construct a property project in Makassar, South Sulawesi, but Indra did not share details on the company’s business plans there.

The company said last year that it will set aside Rp 3 trillion for capital expenditure this year to finance its projects around the country.

Many Indonesian companies, including property developers, are raising their investments to capitalize on greater demand among middle-income households amid a growing economy.

Indonesia’s economy, which expanded by 6.5 percent last year, has been forecast by the government to grow by the same pace again this year.

Private consumption, which accounts for about 60 percent of the nation’s economy, is expected to remain the main driver of the economic growth. Bali island is one of the most popular tourist destinations in Indonesia.

Shares of Agung Podomoro rose 6.1 percent to Rp 350 on the Indonesia Stock Exchange on Tuesday.