"She's doing really well," the actress told PEOPLE at The NY Times Style Magazine's Golden Globes cocktail party Friday night at the Chateau Marmont in West Hollywood. "She's growing up really, really fast."
But the Suri love didn't stop there. Holmes says her high-heel-wearing little girl talks a blue streak and is "spectacular."
"She is magical," Holmes says.
Holmes says she and Cruise have been traveling a lot lately, so it was "great to be out." They mingled at the party, where fellow revelers included Ben Stiller, Shirley MacLaine, Chace Crawford, Ashley Olsen, Jared Leto, Adam Lambert, Lindsay Lohan and Woody Harrelson.