The first thing you need to look at is the weather at that time of year.
For quite a small island it has very different weather patterns on the different coasts. While the east might be perfect in February, it could be full-on monsoon weather in the west (for instance).
I was backpacking there for three weeks a few years ago so I can't really recommend hotels, apart from the Galle Face if you stay in Colombo for a night or two. I did get about a bit though, so I know quite a few areas.
I assume you're looking at a beach holiday?