With a new addition to the family on the way - daughter Kimberly Stewart is pregnant with Benicio Del Toro's baby - Rod Stewart was all smiles at the ASCAP Pop Music Awards, where he was honored with the Founder's Award.

By peoplestaff225
Updated April 30, 2011 05:00 PM
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With a new addition to the family on the way — daughter Kimberly Stewart is pregnant with Benicio Del Toro‘s baby — Rod Stewart was all smiles at Wednesday’s ASCAP Pop Music Awards, where he was honored with the Founder’s Award.

“It’s going to be good,” Stewart, 66, told PEOPLE of becoming a grandfather.

Of course, the singer is back in practice himself with the recent birth of son Aiden just 10 weeks ago.

“He’s having a little bit of trouble with the reflux,” Stewart shared of he and wife Penny Lancaster Stewart‘s newborn. “He drinks and brings it all up again, but he’s great.”

For Stewart, who has eight kids — daughters Sarah, Kimberly, Ruby and Renée, as well as sons Sean, Liam, Alastair and Aiden — becoming a parent again hasn’t been without its taxing moments. In order to get a good night’s rest, Stewart says he and Penny have worked out a “good arrangement.”

“If the baby wakes up then you have to go sleep in the other room,” he explains. “He’s up every two hours now so a few nights a week I go and sleep in another room.”

Though Stewart has yet to offer expectant mom Kimberly any parenting advice, the singer does plan to be more hands-on with his family from now on.

“I’m trying to make more time now that I’ve carved out my career,” he says. “I want to enjoy my kids. We’re all planning a massive vacation somewhere. It’s hard to get them all together because they are all off in different directions. But I am so proud of them.”

— Jessica Herndon