The Epsom MP, who retained the traditionally true-blue seat again tonight, thanked about 200 jubilant supporters crowded into the Orakei RSA in Auckland.
Supporters were in a celebratory mood throughout the evening, knowing ACT could play a significant role in National-led coalition government.
Mr Hide is to meet Mr Key on Monday to talk about forming a Government, following a phonecall from the National Party leader to the ACT leader after Prime Minister Helen Clark conceded tonight.
Among those in the crowd were Sir Roger Douglas, expecting to return to Parliament although Mr Key has said he will not have him in cabinet.
Speaking to media before the final results were known, Mr Hide said he had some ideas as to what ministerial role he would like in a National-led coalition government.
He said he would share those thoughts with Mr Key before making any public comment.
He said he was happy with how the ACT Party had campaigned after learning harsh political and personal lessons in the 2005 election.
In that election National voters in Epsom played a tactical game, giving their electorate votes to Mr Hide to make sure he won the seat and ACT stayed alive as a partner for National.
In Epsom, Mr Hide got 15,251 electorate votes but ACT was given only 1237 party votes.
That election had been about survival, he said.
Since then Mr Hide said he had rebuilt "himself, the organisation and its politics".
He said an important point in the campaign had been when he formalised ACT's support for National at a meeting with Mr Key.
Despite being a seasoned politician Mr Hide admitted to traditional election day nerves.
"You can drive yourself nuts with the different combinations."
Mr Hide will take part in a 4km ocean swim tomorrow morning and then intends flying to Wellington to meet with the party's board members.
No announcement was expected until after that meeting on Monday, he said.