Since you did not provide more details about what "color coded floor plan" mean, I assume it is in general a CAD process to draw different things (room, furniture, whatever...) in different color (or on different layers so the color is determined by layer) based on data outside AutoCAD. Because this is AutoCAD programming forum, I also assume you are more interested in if it can be done with AutoCAD programming.
Yes, it surely can be done, easily, or not so easily, depending on the scope. Basically, the entire thing would be:
1. Manage the data outside AutoCAD. The data would typically stored in database (or simply file(s) if the amount of data is small and data model is very simple).
2. AutoCAD access the data, mostly read-access, but maybe, write-access to some data is required.
3. AutoCAD draws somethings according to data obtained.
Depending on you programming knowledge: if you know basic AutoCAD programming, you can do 3 fairly easily; if you have database programming knowledge, you would be able to do 1 in some way, and know how to expose the data to other application (AutoCAD): either let AutoCAD directly connect to the database, or expose the data via some kind of services (web services, for example, in your intranet, or in the cloud). As for 2, if you are fairly experienced programmer and know what "interface" is, you would do the AutoCAD data access layer in a very generic fashion, so the data access is not tightly tied to certain data source, so that regardless where the data source is or what type the data source is, AutoCAD always use the same set of function calls to get data, and draws things according to the data.
To take on this task, whoever designs/develops the solution, both programming experiences of both AutoCAD and data access from database/services are required, which is a quite common work done by many AutoCAD programmers, who may or may not frequent visitor of this forum. You may also find existing third party applications that have already done the same, or very similar thing. Those third party app developers may be interested in custom their existing app to accommodate your specific needs easier (than reinventing the wheel again).
So, yes, it is very possible/doable, as long as you have the right resources (the programmer(s) with know-how).