Jennifer Lopez and Marc AnthonyJennifer Lopez and Marc Anthony are reportedly planning to renew their wedding vows after being inspired by Tom Cruise and Katie Holmes‘ lavish wedding in Italy last month.

Jennifer and Marc married in a low-key (for them) ceremony in June 2004 but according to Life & Style Weekly, are planning to renew their vows in a ceremony on their third anniversary next summer.

A source told the magazine: “Jennifer and Marc were in awe of Tom and Katie’s bash. Their own wedding cost only about $50,000 and Jen wore an off-the-rack gown, so now they want something spectacular.”

The source added that Jennifer considers the Ritz-Carlton in Puerto Rico to be “the perfect location” for the party.