And the Malaysian businessman insisted Hughes, who led London rivals Fulham to eighth place in the Premier League in the 2010/11 season before controversially walking out of Craven Cottage on June last year, wanted to show he was still one of the best managers in the world.
"When you have someone who wants to show he's one of the best in the world, that (is something) money can't buy," Fernandes told Talksport Radio.
"And I think his record in the Premier League speaks for itself," he added of former Wales, Blackburn and Manchester City boss Hughes.
"What he saw is that QPR is a rough diamond.
"I think the fans should be proud that we could attract a top-class guy in Mark."
Meanwhile Hughes, who made his name in football as a Manchester United striker, told a news conference here on Wednesday: "It was clear in my mind that the ambition of the club matched that of my own career."
Hughes, brought in after Fernandes sacked veteran English boss Neil Warnock on Sunday with Rangers 17th in the table and just a point above the relegation zone, added: "We need to be in the Premier League next year. We're not thinking we're going down.
"Maybe that was one of the factors in pursuing me as manager, perhaps the board felt they needed to make the change to stay in the Premier League."
And he insisted there was no reason why QPR could not emulate the success he'd had at Blackburn, with the Lancashire side facing the drop when he took charge at Ewood Park.
"I think we were second from bottom and we ended that season something like 15th and then the next year we were sixth, which would be great to replicate.
"We can do that."
Hughes has reportedly been given in the region of £20-30 million to spend in the January transfer window by Fernandes and the Welshman has already been linked with a bid for Chelsea defender Alex.
"It's all well and good saying there's a certain amount but you've got to be able to spend it in the right way and with the right players," said Hughes.
"If there are weaknesses then we need to address them."
Source: AFP
Source: AFP