The finalists were nominated and selected by the council's full members.
The winner will be declared at the gala evening on August 20, as part of the 2008 ITOC Conference in Queenstown.
The other operator on the award shortlist is the International Antarctic Centre, in Christchurch.
The council is a trade association representing the nation's inbound tourism industry and operators, with tour operators as full members and their suppliers as allied members.
Conference highlights include Tourism New Zealand's international market update, introduced by chief executive George Hickton.
Peter Harbison, managing director of the Centre for Asia Pacific Aviation, a specialist aviation management consulting company, and Prof Ian Yeoman, billed as the world's only futurologist specialising in travel and tourism, will be the key speak-ers.
Queenstown Lakes Mayor Clive Geddes, Tourism Minister Damien O'Connor, National Party deputy leader Bill English and Destination Queenstown chief executive David Kennedy will also speak during the conference.
Queenstown operators have featured regularly on the winner's podium for almost 30 years.
Totally Tourism managing director Mark Quickfall is the conference chairman as the council board member residing in Queenstown.
Mr Quickfall said it was a great opportunity for Wakatipu operators and suppliers to hear from and network with decision makers and Tourism New Zealand's country managers.
