The 24-year-old has departed the Molineux Stadium club and signed for giants Chelsea.
Neto, who was linked to a host of top teams over the past few months, has netted the club significant cash in the process.
Hobbs told club media: “It’s a hard one to talk about because I was really close to Pedro, and he was such a good person to have around the training ground.
“Everyone knows the player he is – he’s a world class winger who has been so unlucky with injuries, so we’ll miss him on the pitch obviously, but also around the training ground with his energy and the relationship he had with so many people.
“It was a tough one, but it felt fair because of what Pedro had been through, with the various injuries, and it’s a great opportunity for him. The deal is one that works for us and Pedro, but by no means does it make it any easier.
“The reason we get players like Pedro is because this is our model and not everyone will love that, but we can take so much credit for the way we bring players in, the way we look after them, the love they develop for the football club, and the clubs they’re moving on to, for the fees they are.
“Whilst it’s disappointing for us, because everyone wants world class players, timing wise, it felt like the right time.”