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By PEOPLE.COM
Updated Jul 10, 2015 @ 2:45 pm
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Neil Mockford/GC Images

The hotel heiress wed England-based banker James Rothschild at Kensington Palace in London on Friday, PEOPLE has learned.

Shortly before the ceremony, London-based fur accessories brand Izaak Azanei posted an Instagram picture of Hilton, 31, wearing a long-sleeved lace Maison Valentino gown as her father, Rick, escorted her inside the venue.

After Hilton and Rothschild began dating in 2011, the European banking heir popped the question to Hilton last August during a romantic boating trip on Italy's Lake Como.

While the jet-setters may have traveled the world together, Rothschild took a secret solo trip to the United States to ask her parents permission for her hand in marriage before getting down on one knee.

Neil Mockford/Alex Huckle/GC Images

Earlier Friday, Hilton's sister and maid of honor Paris posted well wishes for "Mrs. Rothschild" with a sweet Instagram snap.

"So happy that my sister found the man of her dreams," Paris, 34, wrote. "Once in awhile, right in the middle of an ordinary life, love gives us a fairy tale," she said, alluding to Nicky's nuptials.

"They're just perfect for each other. They're best friends," Paris previously told PEOPLE. "They're so loyal and they're so in love. They're the ultimate couple. They're like a prince and princess."

In another Instagram photo, proud big sister Paris summed up the spirit of the special day: "Once in awhile, right in the middle of an ordinary life, love gives us a fairy tale.