Hughes was appointed as Neil Warnock's successor on Tuesday and, though his first task will be to save the R's from relegation, Fernandes says his ambitions are far greater than that.
He told talkSPORT: "When you have someone who wants to show he's one of the best in the world, that [is something] money can't buy.
"And I think his record in the Premier League speaks for itself.
"I think it's a great honour for QPR that we were able to persuade [him] to come to the club.
"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."
Fernandes played down any suggestion player unrest had contributed to the departure of Warnock, who was sacked on Sunday.
He said: "The players were very appreciative of what [Warnock] had done.
"That's a chapter and we move on. The players are very excited about working with Mark."
Fernandes confirmed his hope ultimately to build a new stadium for the club.
"All in good time," he said. "My first goal is to build a decent training ground and we're weeks away from that.
"I'm optimistic going forward we will have a new stadium. It will have to be in the Loftus Road vicinity."
Fernandes, a big user of Twitter, said he would not move to restrict players' freedom on social media.
Midfielder Joey Barton in particular has attracted attention for his output.
Fernandes said: "I am the ultimate liberal and I believe in openness and transparency. That's not something I want to get involved in and I think Mark will have to make his call.
"He's the boss of the players and he'll have to judge whether it works for some players, or whether he doesn't want it."
QPR have been linked with a host of signings this month, including the likes defender Chris Samba and strikers Didier Drogba, Andy Johnson and Bobby Zamora.
"We've told Mark to come back to us with what he needs, we have some ideas but he's the man in the hotseat," Fernandes added on Sky Sports News.
"We're actively talking every day. We hope we can do something before Newcastle (whom QPR play on Sunday).
"[There is] no name we are afraid to be linked to provided it makes sense for the manager and it makes for the club."
Fernandes insisted, though, a move for Manchester City's wantaway striker Carlos Tevez, in whom AC and Inter Milan are both interested, is not on the cards.
"That's not something I can realistically afford," Fernandes told talkSPORT.