There's a New Royal Baby! Princess Grace's Granddaughter Charlotte Casiraghi Gives Birth

Charlotte Casiraghi and her fiancé, Dimitri Rassam, have welcomed their first child together.

Sources tell PEOPLE that Charlotte has given birth to her second child, a baby boy weighing 7 lbs., 2 oz., on Tuesday morning.

The newborn is the seventh grandchild for Monaco’s Princess Caroline, and the third born into her family this year.

Casiraghi, 32, gave birth at Princess Grace Hospital, which is named after her grandmother, Grace Kelly, who became known as Princess Grace after her royal wedding to Prince Rainier in 1956.

Caroline’s eldest daughter is eleventh in line to Monaco’s throne. The child’s father, Dimitri Rassam, 37, is the son of actress/model Carole Bouquet.

The couple has been together since mutual friends “re-connected them” in Paris for a Christmas dinner in December 2016. They became engaged on a winter ski vacation in March.

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Casiraghi quietly signaled their engagement by wearing a diamond solitaire when the couple attended their first official Monaco event together, the annual Bal de la Rose, last spring.

Sources tell PEOPLE that the couple and their families have been “talking dates” for two spring 2019 wedding ceremonies: a civil ceremony in Monaco followed by a larger family wedding (similar to the stylish 2015 ceremony of Beatrice Borromeo and Charlotte’s younger brother Pierre) held privately at Bouquet’s 12-acre vineyard on the Italian island of Pantelleria.

“Charlotte’s very happy,” says a confidant. “Dimitri’s a very nice guy and they’ve actually known each other for a while. It’s been a remote friendship of many years.”

The newborn arrives with a palace full of playmates. Casiraghi has a 4-year old son from her previous relationship with comedian Gad Elmaleh, while Rassam has a 7-year daughter from his previous marriage to model Masha Novoselova.

In addition, the new baby has cousins Prince Jacques and Princess Gabriella (Prince Albert’s twins who turn 4 in December), as well as newly arrived cousins Maximilian Rainier and Francesco, who were both born last spring.