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ARSENALE ACQUIRES GOLDEN EAGLE LUXURY TRAINS (Italy)
A new global leader in luxury rail travel. |
Category: Europe - Italy - Careers
- Appointments
This is a press release selected by our editorial committee and published online for free on Wednesday 01 October 2025
Arsenale S.p.A., the Italian group at the forefront of luxury travel experiences, today announced the acquisition of 100% of Golden Eagle Luxury Trains Ltd. (GELT), a UK-based pioneer in long-distance luxury rail journeys.
Golden Eagle was valued at roughly 20x EBITDA.
The deal, set to close by year-end, includes 30% cash and 70% share consideration. Upon completion, Golden Eagle's shareholders will roll into Arsenale's capital structure alongside existing partners, including the Bulgari and Rovati families.
Golden Eagle is a heritage brand and a pioneer in the rail cruise sector, having played a key role in shaping the evolution of slow and sustainable tourism.
Headquartered in Manchester, the company operates some of the world's most iconic rail journeys across Europe and Asia. It currently runs two trains connecting major cities such as Paris, Istanbul, and Budapest, and maintains a strong presence in Eastern Europe and Turkey with celebrated routes including Cappadocia. Additional itineraries extend its reach into Central Asia and are relaunching back into China from 2026 onward.
Tim Littler, President and Founder together with his Grandson James Masterson, will continue to work with Arsenale, ensuring continuity while driving the brand's international growth through new expansion plans in a rapidly developing sector.
The acquisition will enable Golden Eagle to launch a fleet renewal program, supported by Arsenale's rail manufacturing capabilities, while accelerating its expansion across Asia.
In parallel, Arsenale will consolidate and extend its global reach, with a stronger presence in Eastern Europe, Asia, and along the Silk Road. The two platforms, highly complementary, will provide their clients with a wider range of travel experiences across short-, medium- and long-haul routes.
With Arsenale also preparing to launch operations in the Middle East with the Dream of the Desert in Saudi Arabia, the integration will create synergies across all strategic areas—from marketing and sales to procurement and operations—directly enhancing profitability for both groups.
International activities will be jointly coordinated from Dubai and Manchester under a shared global growth strategy.
Paolo Barletta, CEO of Arsenale, commented:
“With the acquisition of Golden Eagle, we have created the first truly global group in luxury rail tourism. This is not simply an acquisition, but the foundation of an international platform and a model designed to accelerate our global presence. Anchored in Italian know-how, manufacturing and a supply chain of excellence, we are positioning Italy at the forefront of a rapidly expanding market—exporting not only products, but the entire ecosystem of luxury rail hospitality. In addition, the acquisition of Golden Eagle is particularly significant thanks to the partnership built with Tim and James. Their expertise is an extraordinary asset for the expansion of our group. As a family-owned business, we are especially proud to unite with a family that has created and grown from the ground up such a prestigious brand as Golden Eagle.”Tim Littler, Founder and President of Golden Eagle, commented:
“Our new partnership with Arsenale represents a pivotal moment for the luxury rail industry, poised not only to elevate standards of opulence and service but also to redefine the essence of slow travel on a global scale. By uniting two esteemed family-led businesses, both with decades of unparalleled expertise and a profound passion for ultra-luxury tourism, we are forging a powerful alliance that will propel the sector forward, unlocking new horizons for travelers worldwide. I extend my deepest gratitude to Paolo Barletta for his instrumental role in facilitating this expansion, his support has been invaluable, aligning seamlessly with our shared ambitions to pioneer innovative ultra-luxury train experiences that blend timeless elegance with sustainable, immersive journeys. Together, we are committed to transforming the landscape of high-end rail travel, inspiring a new era of discovery and indulgence across continents.”
AboutArsenale S.p.A.
Founded in 2020 by Paolo Barletta and Annabel Holding, Arsenale is an Italian company in the luxury hospitality sector, focused on enhancing Italian tourism. It operates through two divisions. The Hospitality division designs and manages hotels in collaboration with luxury brands like Soho House and Orient Express, including Orient Express La Minerva Rome and with upcoming project Palazzo Donà Giovannelli Venice, alongside new developments in Rome, Cortina, Tuscany, and Southern Italy. The Luxury Train Cruising division launched the La Dolce Vita Orient Express, the first sustainable luxury rail tourism project, in partnership with Orient Express, Trenitalia, Ferrovie dello Stato Group, Fondazione FS, and TTI. Since 2023, Arsenale has expanded internationally with four signed projects: Dream of The Desert, Saudi Arabia's first luxury train to traverse the Kingdom, in collaboration with Saudi Arabia Railway; The Samarkand Express, Central Asia's first luxury train in Uzbekistan, developed in partnership with O'zbekiston Temir Yo'llari JSC and the State Committee for Tourism; Guardian of the Nile, Egypt's first luxury train, in partnership with Egypt National Railway; and a luxury train in the UAE in partnership with Etihad Railway.
About Golden Eagle Luxury Trains Ltd
Founded in 1989 by Tim Littler, Golden Eagle Luxury Trains, a British company at the forefront of luxury rail travel, committed to curating voyages of a lifetime across the globe's most captivating destinations. Guests embark on meticulously crafted journeys aboard the company's flagship trains, the Golden Eagle and the Golden Eagle Danube Express, traversing the diverse landscapes of Europe, Central Asia, and China, while immersing themselves in breathtaking scenery and profound cultural heritage .From the beginning, Golden Eagle has continually expanded its prestigious portfolio, introducing signature itineraries such as the iconic Trans-Siberian Express, the historic Silk Road, and the enchanting route from Paris to Istanbul and have operated in over 60 countries. These unparalleled experiences are realised through strategic collaborations with rail networks spanning Europe, Central Asia, China, and India. Building on this legacy of excellence, Golden Eagle is thrilled to unveil upcoming projects in China and Vietnam, promising to elevate luxury rail tourism to new heights in these dynamic regions.
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