The 22-year-old had reached the end of his contract at Blackburn Rovers and was free to move on, but compensation must be paid. Having developed Hoilett since he joined their academy as a teenager, Blackburn are likely to ask his new owners to pay a sum in the region of £6 million.
He is the seventh signing completed by QPR this summer, joining Rob Green, Ryan Nelsen, Fabio, Park Ji-Sung, Samba Diakite and Andrew Johnson at Loftus Road, as manager Mark Hughes and owner Tony Fernandes looks to ensure their side avoid another relegation battle this season.
This is another very decent signing for the London club, who were able to persuade Hoilett to join them ahead of several other more glamorous options. Hoilett had a strong end to the season despite Blackburn's relegation so expect his Yahoo fantasy price to be reasonably high when he's relisted in the game.