The lodging industry is a fruitful area for merger and acquisition (M&A) research, although the empirical evidence is surprisingly sparse given the degree of industry consolidation. Although the M&As are motivated by the expected synergy between the target and the acquiring firms, some mergers are successful while others are not. Studies have found that, on average, lodging transactions are distinct from those in other industries because owners of both target and acquirer are better off after the merger. A thorough analysis of lodging M&A deals may enhance our knowledge of the factors related to successful deals not only in the lodging industry but also in other industries. This investigation of the current state of knowledge of M&A success suggests an agenda for further research on lodging industry transactions. In particular, identification of the best practices associated with each stage of the M&A process, especially about how lodging firms integrate, transfer, and manage the resources of the combined firm, is a ripe area for future research.