Expanding Horizons: Golden Eagle Acquired by Arsenale Group

Arsenale S.p.A., the Italian group at the forefront of luxury travel experiences, today announced
plans to acquire 100% of Golden Eagle Luxury Trains Ltd. (GELT), a UK-based pioneer in long distance luxury rail journeys.

Golden Eagle is a pioneer in the rail cruise sector, renowned for over 35 years of impeccable
expertise in luxury rail tourism and hospitality. The company established market dominance on the
iconic Trans-Siberian Railway and continues to set the standard for slow and sustainable travel
experiences. Headquartered in Manchester, Golden Eagle operates a fleet of two trains and holds
exclusive chartering rights for the prestigious Silk Road Train in Asia. Its portfolio currently features
12 immersive European tours, with an additional four launching in 2026 including the celebrated
Silk Road route connecting Vietnam and China and further three more tours debuting in 2027.

Golden Eagle is celebrated for its world-class service, Michelin-level dining onboard, and
thoughtfully curated excursions that bring destinations to life. Its journeys connect some of the
world’s most iconic cities—including Paris, Istanbul, and Budapest—while maintaining a strong
presence across Eastern Europe and Turkey with celebrated routes such as Cappadocia. Tim Littler,
President and Founder, together with his grandson James Masterson, will continue to work
alongside Arsenale, ensuring continuity while driving Golden Eagle’s next chapter of international
growth 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. Together, the two platforms will provide their clients with a wider
range of Luxury travel experiences across short, medium and long-haul routes. As Arsenale prepare
to launch operations in the Middle East with the debut of Dream of the Desert spanning across
Saudi Arabia, the acquisition will create synergies across all strategic areas from Brand positioning
to procurement through to operations and customer experience, seeking to 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.”

About Arsenale 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. www.arsenalegroup.com

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. www.goldeneagleluxurytrains.com.