Congrats are in order! Hotel heiress Nicky Hilton has just gotten engaged to her boyfriend, James Rothschild, who is the heir to the famed European banking family, over the weekend in Lake Como, Italy.

Umm we are trying not be jealous -- but it's not really working ...

"They are both really excited and incredibly happy," a source told Us.

The 30-year-old Hilton first began dating the heir after meeting at Petra Ecclestone and James Stunt's wedding in Italy back in 2011.

For the engagement, it looks like the Brit pulled out all the traditional stops. The source tells the mag, "Last month, he actually flew from England (where he is based) to the States to ask her parents for her hand in marriage!"

The insider continued that post engagement, "They are going on a road trip now throughout Europe and celebrating."

UMM WE ARE TRYING REALLY HARD NOT TO BE JEALOUS!