I wrote about this topic exactly 5 years ago (see Rate Parity Is Dead - What's Next for Hoteliers)

Below are some key "wins and gotcha's" from a hotelier's perspective:

• Win: Ability to offer lower rates on less costly channels in order to shift channel mix and therefore improve profit; but… will guests be willing to take on the burden of doing extra research to find and subsequently book a particular property directly, and will independent properties be at a disadvantage compared with those that are associated with a large chain? Does this also mean that investing in meta-search exposure (and I think we can now squarely place Google in that category) become paramount?
• Win: Receive more information about a guest prior to arrival, therefore enhancing guest experience and satisfaction; but… would this require properties to increase advertising and technology budgets to attract guests and subsequently keep track of their preferences and behaviors for remarketing purposes?
• Win: Become selective about what inventory types are sold through which channels and when; but… would this require investment in technologies in order for properties to know exactly when and where their most profitable guests are shopping and would this require an individual property having the talent and know-how to offer something in a way that is both compelling and that cuts through the competitive noise?
• Win: Turn off more expensive channels when demand is high and turn them back on when demand is low; but… this assumes distributors would be agreeable to this arrangement. Also, weaker competitors that do "play ball" with distributors year-round will likely be featured above your property during slower times of the year when you are competing more intensely for a finite number of travelers.
• Win: Have more control over merchandizing and guest messaging; but… great property descriptions and distinctive naming conventions don't count for a lot if your property doesn't rank high in search results, so increased expenses and attention relating to eCommerce efforts would be required.
• Win: Own the relationship with your guests; but… expect an increase in direct calls to the property for "price matches" and to reassure individual guests who are confused about all the different prices they see out there. Also, expect more direct negotiations with your front desk staff as up-to-the-minute rate information is readily available to your guests.

The bottom line: Be careful what you ask for!