Citrus Leisure

Citrus Leisure is a Sri Lankan hotel and hospitality company whose portfolio has included beach resorts, a Colombo city hotel and food-and-beverage concepts. The business traces its origins to Hotel Reefcomber Limited, incorporated in 1973 in connection with what became Citrus Hikkaduwa. The company later became a publicly traded hospitality enterprise, entering the Colombo Stock Exchange in 1984 and subsequently expanding through resort development, subsidiary listings and property restructuring. The company adopted the Citrus Leisure name in 2010 after Dilith Jayaweera and Varuni Fernando, associated with Triad Advertising, acquired a stake. The rebranding marked an attempt to develop a broader hospitality identity rather than operate solely through the historic Hotel Reefcomber name. Before that transition, Sri Lankan entrepreneur Dhammika Perera had acquired the hotel business in 2004 and divested it in 2010. The transaction history formed part of a period of ownership and strategic change in Sri Lanka's tourism sector. Citrus Leisure's operating portfolio has included Citrus Hikkaduwa, a coastal hotel formerly known as Hotel Reefcomber; Citrus Waskaduwa, a larger five-star beach resort that began operations in 2014; and Steuart by Citrus, a Scottish-themed city hotel in Colombo's historic Fort area. The company has also pursued additional resort development in Pasikudah and Kalpitiya, although those projects encountered land, infrastructure, regulatory and financing difficulties. In 2016, Citrus reorganized several resort interests under Hikkaduwa Beach Resort. In 2018, it abandoned the planned Kalpitiya development and stated that available capital would instead be used to address company debt. Beyond accommodation, Citrus Leisure has developed hospitality experiences aimed at both visitors and residents. These have included Ceylon Curry Club, a contemporary Sri Lankan restaurant at Colombo's Dutch Hospital precinct, and Blue Orbit, a revolving restaurant at Colombo Lotus Tower. The company therefore spans resort lodging, urban accommodation and destination dining rather than functioning as a single-property hotel brand. Citrus Leisure remains associated with Sri Lankan tourism and is linked to the George Steuart Group. Its history reflects the opportunities and constraints of resort development in Sri Lanka: coastal tourism expansion, public-market financing, dependence on promised infrastructure, complex property ownership and periodic corporate restructuring. Publicly available reference material identifies its principal properties and major strategic events but does not provide enough information to establish a current executive roster, current ownership percentages, official website or a detailed present-day operating footprint.

Citrus Leisure originated as Hotel Reefcomber Limited, a Sri Lankan hospitality company incorporated in 1973. Its principal historic property was Hotel Reefcomber in Hikkaduwa, a coastal destination that later became Citrus Hikkaduwa. The business was quoted on the Colombo Stock Exchange in 1984, giving it a long public-market history within Sri Lanka's hotel sector. In 2004, entrepreneur Dhammika Perera acquired the hotel for LKR 26 million, according to the available reference material. He later divested the hotel for LKR 328 million in 2010. That same year, Dilith Jayaweera and Varuni Fernando of Triad Advertising acquired a stake, and the company adopted the Citrus Leisure name. The rebranding broadened the identity beyond the legacy Reefcomber property and accompanied a strategy focused on developing a multi-property tourism portfolio. The company pursued resort expansion through several subsidiaries and development vehicles. In February 2011, Waskaduwa Beach Resort and Kalpitiya Beach Resort applied for Colombo Stock Exchange listings. The reported initial public offerings were oversubscribed, indicating investor interest in Sri Lankan tourism development at the time. However, the Kalpitiya project faced delays. The original plan called for a 150-room, four-star resort and 50 villas; the proposed villa count was later reduced to 32. Inadequate supporting infrastructure, including roads and piped water that the government had been expected to provide, was identified as a reason for the delay. Citrus also developed a resort project in Pasikudah. The company purchased land for a proposed Passikudah Beach Resort, but two Swiss nationals challenged the ownership in court. In 2013, the Criminal Investigation Department opened an investigation related to the land purchase. The dispute was ultimately resolved through a payment of LKR 80 million to the party that had brought the legal action. The episode became one of the most significant publicly described legal and governance issues in the company's history. The operating portfolio expanded during this period. Citrus Hikkaduwa was relaunched in January 2012 under the Citrus identity. Citrus Waskaduwa, a 150-room five-star resort, commenced operations in April 2014. In 2015, Citrus converted the approximately 175-year-old Steuart House in Colombo Fort into Steuart by Citrus, a 50-room hotel with a Scottish theme. The property was leased by George Steuart Group to Citrus Silver Limited for hotel operations, and guest rooms were named after Scottish place names. Citrus Leisure underwent a corporate restructuring in September 2016. Waskaduwa, Kalpitiya and the privately held Passikudah resort interests were placed under Hikkaduwa Beach Resort. The restructuring sought to consolidate resort assets and corporate relationships. In 2018, Citrus decided not to proceed with the Kalpitiya resort development, stating that capital would be used to settle company debt. Following the merger of Kalpitiya Beach Resort with Hikkaduwa Beach Resort, the Colombo Stock Exchange delisted Kalpitiya Beach Resort. The company also extended its hospitality proposition into food and beverage. It opened Ceylon Curry Club at Colombo's Dutch Hospital, presenting contemporary Sri Lankan cuisine in a major heritage and visitor precinct. It later opened Blue Orbit at Colombo Lotus Tower, a revolving restaurant described in the available reference material as Sri Lanka's first and only revolving restaurant and South Asia's tallest restaurant. Citrus Leisure's documented history is therefore one of transformation from a single legacy coastal hotel into a broader hospitality group. Its development has combined public-market financing, resort construction, city-hotel preservation and destination dining, while also encountering infrastructure constraints, disputed land ownership and the need to restructure and redirect capital. The supplied sources do not establish a complete current property roster, executive team, official website or current financial position, so those details remain unspecified.

• 2018

  Kalpitiya project discontinued

  [1]Citrus Leisureen.wikipedia.org

  Citrus abandons the planned Kalpitiya resort and redirects capital toward debt settlement; the subsidiary is later delisted following a merger.

• 2016

  Corporate restructuring

  [1]Citrus Leisureen.wikipedia.org

  Several Citrus resort interests are placed under Hikkaduwa Beach Resort.

• 2015

  Steuart by Citrus opens

  [1]Citrus Leisureen.wikipedia.org

  Steuart House in Colombo Fort is converted into the 50-room Steuart by Citrus city hotel.

• 2014

  Citrus Waskaduwa opens

  [1]Citrus Leisureen.wikipedia.org

  The 150-room five-star resort begins operations in April.

• 2012

  Citrus Hikkaduwa relaunch

  [1]Citrus Leisureen.wikipedia.org

  Hotel Reefcomber is relaunched as Citrus Hikkaduwa.

• 2011

  Subsidiary listing applications

  [1]Citrus Leisureen.wikipedia.org

  Waskaduwa Beach Resort and Kalpitiya Beach Resort apply for Colombo Stock Exchange listings; the reported IPOs are oversubscribed.

• 2010

  Rebranding as Citrus Leisure

  [1]Citrus Leisureen.wikipedia.org

  After a stake acquisition by Dilith Jayaweera and Varuni Fernando of Triad Advertising, Hotel Reefcomber is rebranded Citrus Leisure.

• 2004

  Acquisition by Dhammika Perera

  [1]Citrus Leisureen.wikipedia.org

  Dhammika Perera acquires the hotel business for LKR 26 million, as reported in the reference material.

• 1984

  Public quotation on the Colombo Stock Exchange

  [1]Citrus Leisureen.wikipedia.org

  Hotel Reefcomber becomes a quoted company on the Colombo Stock Exchange.

• 1973

  Hotel Reefcomber Limited is incorporated

  [1]Citrus Leisureen.wikipedia.org

  The company that later became Citrus Leisure is incorporated as Hotel Reefcomber Limited.

A Sri Lankan hospitality group combining coastal resort accommodation, Colombo city lodging and locally oriented dining experiences.

• Beach hotel · 2012

  Citrus Hikkaduwa

  Citrus Hikkaduwa is the rebranded successor to Hotel Reefcomber, the property from which the company originated. Located in Hikkaduwa, it is described in the reference material as a roughly 100-room coastal hotel. Its relaunch in January 2012 gave the historic property a place within the wider Citrus Leisure brand architecture.

• Beach resort · 2014

  Citrus Waskaduwa

  Citrus Waskaduwa is a 150-room five-star beach resort in Waskaduwa. The property commenced operations in April 2014 and represented one of Citrus Leisure's principal resort expansion projects. Its positioning combines full-service accommodation with the coastal tourism appeal of Sri Lanka's western shoreline.

• City hotel · 2015

  Steuart by Citrus

  Steuart by Citrus is a 50-room city hotel created from the historic Steuart House in Colombo Fort. The approximately 175-year-old building was adapted into a Scottish-themed hospitality property, with guest rooms named after Scottish toponyms. The property was operated by Citrus Silver Limited under a lease arrangement involving the George Steuart Group.

• Restaurant

  Ceylon Curry Club

  Ceylon Curry Club is a contemporary Sri Lankan restaurant opened by Citrus Leisure at Colombo's Dutch Hospital precinct. It extends the group beyond accommodation and uses a prominent heritage and tourism location to present a modern interpretation of local cuisine.

• Revolving restaurant

  Blue Orbit

  Blue Orbit is a revolving restaurant at Colombo Lotus Tower. The reference material describes it as Sri Lanka's first and only revolving restaurant and as the tallest restaurant in South Asia. It is positioned as a destination dining attraction connected to a major Colombo landmark.

• Planned beach resort

  Citrus Kalpitiya

  Citrus Kalpitiya was a proposed resort development originally planned to contain 150 rooms and 50 villas, later revised to 32 villas. Construction was delayed by infrastructure shortcomings, including roads and piped water. Citrus Leisure abandoned the project in 2018 and redirected capital toward debt settlement.

• Planned or developed beach resort

  Passikudah Beach Resort

  Passikudah Beach Resort was a Citrus Leisure resort project associated with land acquired in Pasikudah. The land purchase became subject to a court dispute over ownership and a Criminal Investigation Department inquiry. The available material does not establish the property's current operating status or final development outcome.

• 2013

  Pasikudah land-purchase investigation and ownership dispute

  Citrus Leisure's purchase of land in Pasikudah for a proposed resort was challenged in court by two Swiss nationals. The Criminal Investigation Department opened an investigation related to the transaction. The dispute was resolved through a reported LKR 80 million payment to the party that instituted the legal proceedings.

  Source

• Kalpitiya development and disclosure concerns

  The Kalpitiya Beach Resort project was delayed beyond the timetable associated with its IPO. The Securities and Exchange Commission of Sri Lanka ordered the company to call an extraordinary general meeting, disclose its true financial position to shareholders and consider an alternative course of action. The regulator expressed grave concern about the lack of progress.

  Source

Read more

• 2018

  Abandon the Kalpitiya resort developmentStrategy

  Background

  The proposed Kalpitiya resort had been delayed by missing infrastructure and had not been built within the timetable associated with its public offering.

  Action taken

  Citrus Leisure discontinued the project and stated that capital would be used to settle company debt.

  Aftermath

  Kalpitiya Beach Resort was merged with Hikkaduwa Beach Resort, after which the Colombo Stock Exchange delisted the Kalpitiya entity.

  Source

• 2016

  Restructure resort holdingsStrategy

  Background

  Citrus Leisure held several resort interests through different entities and development vehicles.

  Action taken

  The company placed Waskaduwa, Kalpitiya and privately held Passikudah resort interests under Hikkaduwa Beach Resort.

  Aftermath

  The consolidation was followed by the discontinuation of the Kalpitiya plan and the subsidiary's later delisting after a merger.

  Source

• 2011

  Seek exchange listings for Waskaduwa and Kalpitiya subsidiariesOther

  Background

  Citrus Leisure pursued capital-market funding for additional resort development.

  Action taken

  Waskaduwa Beach Resort and Kalpitiya Beach Resort applied for listings on the Colombo Stock Exchange. The reported IPOs were oversubscribed by 3.4 times and 2.3 times respectively.

  Aftermath

  Waskaduwa proceeded to open, while the Kalpitiya development was later delayed and ultimately abandoned.

  Source

• 2010

  Rebrand the company as Citrus LeisureStrategy

  Background

  The business was seeking to move beyond the identity of its original Hotel Reefcomber property after a change in the company's stakeholder base.

  Action taken

  Following a stake acquisition by Dilith Jayaweera and Varuni Fernando of Triad Advertising, the company changed its name and brand identity to Citrus Leisure.

  Aftermath

  The Citrus name was subsequently used across resort, city-hotel and food-and-beverage ventures.

  Source

1. 1Citrus Leisureen.wikipedia.org