Let KAYAK do the searching
Based on KAYAK hotel searches, the most popular destination is Queenstown (99% of total searches to Lake Wakatipu). The next most popular destinations are Frankton (1%) and Glenorchy (0%). Searches for hotels in Lower Shotover (0%) are also popular.
KAYAK users have found double rooms in Lake Wakatipu for as cheap as $444 (Frankton) in the last 3 days. The average price is $609.