Joran van der Sloot (CNN)

Van der Sloot, 24, had been in prison since August 2010, suspected of killing Stephany Flores in his Lima hotel room.  On Wednesday, he confessed that he had "killed her in a fit of rage after she discovered on his laptop that he'd been linked to the Holloway disappearance," said FOX News.  His confession to the crime was seen as an effort to receive a "lighter sentence."

Natalee Holloway,  the American teen who disappeared while vacationing in Aruba following her high school graduation in 2005, had gone missing five years to the date of Flores' murder.  Van der Sloot was a suspect in the Holloway case. 

Holloway's parents expressed their hope that Van der Sloot will be tried in the U.S. as well where he faces federal charges, accused of "extoring $25,000 from Beth Holloway to reveal the location of her daughter's body," according to the Associated Press.

CNN reported that in addition to his jail sentence, van der Sloot was ordered "to pay 200,000 Peruvian new soles, or about $74,500, in reparations to Flores' closest relatives."

CNN video showed Van der Sloot was "visibly upset."

• The defendant stood for much of the more than two-hour session and perspired through his green T-shirt. He drank three cups of water and frequently wiped his face.

However, if Van der Sloot serves his sentence "with good behavior," it could reduce his time in prison by half, said FOX News.