Nice question — “best for the price” in Colombo depends on whether you want the cheapest possible stay, a comfortable mid‑range room with good location, or a luxury hotel that still gives strong value. Quick context: average nightly hotel prices in Colombo are low compared with many capitals (roughly USD 40–90 on average, with budget options much cheaper). (budgetyourtrip.com)

Below are value-for-money picks by price band, with a one-line reason and an approximate nightly range (prices fluctuate with season, promotions and booking site). I’ve linked a current official/booking page for each pick so you can check live rates and reviews.

Budget / Backpacker (cheapest, good location & cleanliness)

• Clock Inn Colombo — basic, clean hostel/guesthouse on Galle Road; excellent location near transport and beaches; good staff & value for money. Typical beds/rooms from very low prices (dorms / basic private rooms). (booking.com)
• The Steuart by Citrus — small boutique hotel in Fort/Colombo 1 (colonial building); boutique feel at affordable mid‑budget rates if you want more privacy than a hostel. (citrusleisure.com)

Mid‑range (best balance of comfort, location & price)

• Cinnamon Red Colombo — “lean luxury” concept (modern, efficient rooms, rooftop bar) — a great mid‑range pick for business/leisure travelers who want contemporary facilities without premium rates. (cinnamonhotels.com)
• Mandarina Colombo — 4‑star, centrally located on Galle Road with modern rooms and good on‑site dining — often priced competitively for its category. (mandarinacolombo.com)
• Marino Beach Colombo — large, centrally located hotel with sea‑views; good mid‑range option for families and business travelers. (marinobeach.com)

Upscale / Luxury that often represents good value

• Cinnamon Grand Colombo — full‑service luxury hotel with many restaurants, pools and great central location; frequently runs offers that make it good value relative to amenities. (cinnamonhotels.com)
• Taj Samudra Colombo — beachfront, well‑regarded luxury hotel with consistently strong guest reviews for service and location (good value if you want beachfront and full facilities). (booking.com)
• Hilton Colombo — international brand, excellent business‑district location (World Trade Center area), reliable standards — often competitively priced for its category. (hilton.com)
• Zylan (Zylan Colombo / Zylan Luxury Villa) — boutique 4★ property in Cinnamon Gardens with high guest scores — good boutique value if you prefer a quieter neighborhood. (zylan.hotelcolombo.org)

Notes & quick booking tips

• Compare rates on major OTAs (Booking, Agoda, Kayak) and the hotel’s official site — hotels often have direct offers (e.g., free breakfast or flexible cancellation). (Examples and price signals from Kayak/OTAs show good value options across categories). (kayak.com)
• If you want the absolute cheapest nights, travel during low season (prices dip off‑peak) and book weekdays vs. weekends depending on the hotel. The city average rates cited above are a good benchmark. (budgetyourtrip.com)
• Neighborhoods: Galle Road / Galle Face (seafront) for views and nightlife; Fort/Dutch Hospital area for dining and historic sites; Cinnamon Gardens for quieter, residential boutique hotels.

If you like, I can:

• Narrow this to a short list for specific dates and your budget (then I’ll check live rates for those dates), or
• Recommend the best hotel for a particular purpose (business trip, family, couple, nightlife, beach access).