Listed hospitality firm Citrus Leisure Plc will continue managing the consumer-facing and entertainment spaces at the Colombo Lotus Tower until June next year, after the tower’s operating company agreed to extend an arrangement that was due to lapse next month.
The existing agreement between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) expires on 11 December, EconomyNext reported, citing a market filing.
“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said.
What the deal covers
Citrus Leisure signed a three-year agreement with CLTMC in May 2023 covering five spaces inside the tower: banquet hall 1 on the 25th floor, banquet hall 2 on the 26th floor, the revolving restaurant on the 27th floor, six suites on the 28th floor, and the basement kitchen.
The company opened its revolving restaurant, Blue Orbit, at the tower in December 2023.
The tower
At 350 metres — about 1,150 feet — the Lotus Tower is the tallest structure in South Asia. It was built at a cost of US$104.3 million, with 80 percent of the money borrowed from the Export-Import Bank of China.
Sited in the commercial heart of Colombo, the tower has been described both as a symbolic national landmark and as a costly white elephant, and has been the subject of controversy for years.
Not reported
The filing does not say why the extension runs only to June 2027 rather than renewing for a further full term, nor whether the commercial terms have changed. It also does not disclose what the arrangement earns either party.
This report rests on a single verified source.
