Issue Description
You are unable to insert a Hotlink into your project, because the command is grayed out in the File menu.
Solution
Hotlinks can only be placed from a floorplan View. The Place Hotlink command is not available in the 3D Window, Section, Elevations and Worksheets, etc...
1: Open a Story from the Project Map or a floorplan View from the View Map.
2: Go to File > Interoperability > Place Hotlink...
3: The command will be available now.