UPDATE: SURI IS BORN!!!

Katie Holmes and Tom Cruise “joyously welcomed the arrival of a baby girl, Suri, today,” Cruise’s rep said in a statement after PEOPLE first broke the news Tuesday afternoon. “The child weighed 7 pounds, 7 ounces and was 20 inches in length. Both mother and daughter are doing well.” Suri was born in an L.A.-area hospital – just down the hall from where Brooke Shields gave birth to her daughter Grier on the same day. The name Suri has its origins in Hebrew meaning “princess,” or in Persian meaning “red rose,” the rep added. Holmes, Cruise and baby Suri are back home and doing well.

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