masc. proper name, from Old North French Hugues, Old French Hue, from a Frankish name meaning "heart, mind," cognate with Old High German Hugi, related to hugu "mind, soul, thought." Very popular after the Conquest (often in Latin form Hugo)
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So "Hugo" means "mind, soul, heart, and thought"; and "Reyes" is spanish for "Kings". It's also interesting that Hurley's character arc revolved around him trying to "make his own luck", with him having "bad luck" in his past, and then "good luck" in the afterlife.