Explain the challenges and opportunities of hotel revenue management in a dynamic and competitive market landscape, including strategies for optimizing pricing, distribution channels, and revenue streams.

Hotel revenue management involves strategically managing room rates, inventory, and distribution channels to maximize revenue and profitability. Challenges include fluctuating demand, market competition, and changing consumer preferences, which require hotels to adapt pricing strategies, leverage data analytics, and optimize revenue streams. Dynamic pricing, segmentation, and yield management techniques help hotels adjust rates in real-time based on demand patterns, seasonal trends, and competitor pricing. Additionally, distribution channel management, including direct bookings, online travel agencies (OTAs), and global distribution systems (GDS), enables hotels to reach diverse market segments and maximize revenue opportunities while minimizing distribution costs and commission fees.