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Nicky Hilton grew up in the rich Waldorf-Astoria with parents Kathy and Rick, and sister Paris, who is two years older. Both girls stand to inherit the hundreds of millions of dollars made by great-grandfather Conrad Hilton, who founded the famous Hilton hotels chain. Like her sister, with whom she is very close, she recognized the need to establish a name for herself that would be separate from the "hotel heiress" label. 

The Hilton sisters elbowed their way into New York's inner social circle and, for a while, Nicky got swept up in the dizzying heights this popularity could bring. Magazines such as FHM, Vanity Fair and Vogue noticed the clout the heiresses had and featured photo shoots and interviews of the girls. Socialite extraordinaire, Nicky ate up the publicity and continued to attend big-time events in New York City. Nicky continued to mature into a woman and, with her beautiful physique, many wondered whether she would try her hand at modeling like Paris had done. Though she does not get enough credit for it, Nicky always had a flair for the business side of things and began studying design in the hopes that her abilities would be fueled. Her goal was to create accessories for the fashion industry, not simply model in them. 

Hilton moved between several homes in her youth, including a suite in the Waldorf-Astoria Hotel in Manhattan, Beverly Hills, and The Hamptons on Long Island, New York. She graduated high school from the Convent of the Sacred Heart in New York and attended college at the Fashion Institute of Technology and Parsons School of Design, but did not finish her fashion degree.

She launched her own clothing line, Chick by Nicky Hilton in 2004 and has also designed a line of handbags for Japanese company Samantha Thavasa from 2002–2005. In 2007, she started her second line aimed at a more mature audience and higher pricepoint, called Nicholai, which had its debut fashion show for the spring/summer 2008 season on September 9, 2007 in New York City during Mercedes-Benz Fashion Week. Her natural good looks and marketable name were too much to pass up for designer Anand Jon, and consequently, Nicky did end up doing some modeling for him. Her big feat, however, came when she was asked to design handbags for Tokyo-based Samantha Thavasa. 

Nicky and sister Paris produced such great results, that their handbags could be found in select stores and won over celebrity fans like Britney Spears, Tara Reid and Pamela Anderson. Now living with MTV VJ boyfriend, Brian McFayden, in his Upper West Side apartment, Nicky still has a lot planned. Instead of sitting pretty with her inheritance, she is continuing her work in fashion design and still contributes to the Free Arts for Abused Children Foundation. While her nightclub partying still grabs headlines and makes for interesting water cooler gossip, Nicky Hilton has proven that she is more than just a hot heiress. Her future in the fashion industry is still bright. 

Hilton began her career as a fashion model. She has done several runway shows for major designers and is a regular model for Heatherette, along with her sister Paris; they usually open and close the runway shows. In 2005, Hilton, along with Kimberly Stewart, was the face of Australian underwear line Antz Pantz. Stewart remains contracted, however Hilton has since been replaced by Australian up-and-coming model Megan Maitland. Around this time, Hilton modeled for the cover of Lucire magazine for its New Zealand and Romanian editions. She has also modeled for Frederick's of Hollywood.

Hilton made her acting debut in National Lampoon's Pledge This!, which also featured her sister. The movie was a straight-to-DVD and released on December 19, 2006. She also made a cameo in Pauly Shore Is Dead, with Paris. In 2003, Nicky and Paris were each offered a role in a reality show called The Simple Life, but Nicky rejected the part. However, Paris went through with it, and her best friend Nicole Richie was given the role that Nicky refused. Nicky, along with Paris, will soon star in a cartoon about their lives.

In 2006, she entered a partnership for the Nicky O Hotel. The first, the Nicky O South Beach, is a 94 unit suite condo hotel in Miami which opened in 2007. It features suites by famous designers such as Roberto Cavalli, Nicole Miller, Heatherette, and Betsey Johnson. The second Nicky O Hotel was due to open in Chicago in the spring of 2007. On February 12, 2007, Hilton was sued for breach of contract by her partners in the Chicago project.

Hilton has dated MTV VJ Brian McFayden, Ian Somerhalder in 2003. Later, she married Todd Andrew Meister on August 15, 2004. But the marriage was later annulled in November 2004. She was with Kevin Connolly from January 2005 to October 2006.