The Canadian-born winger signed on a four-year deal at Loftus Road following his departure from relegated Blackburn Rovers. And Hoilett, 22, enjoyed his most productive season in the top-flight last year, after notching seven goals in a struggling side and had been the subject of interest from Bundesliga outfit Borussia Monchengladbach.
Rovers are thought to want around £6 million in compensation from the London club, although the fee looks set to be decided by an independent tribunal. Hoilett made his debut in Rangers' 5-0 defeat against Michael Laudrup's Swansea last weekend.
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"A few clubs were interested," Hoilett told Sky Sports News.
"There was Newcastle, Sunderland and Liverpool. I wanted to work with the manager here at QPR. The owners are building the club and it’s going in the right direction.
"[Hughes] gave me the confidence to play and play the style I like to play. In the early stages at Blackburn he'd tell me to express myself and do what I do best. In the few weeks I've been here I feel comfortable and I'm enjoying my football."