There's not really a word for 'hug' in Latin, but you can substitute 'embrace' for 'hug'. An English phrase like 'Please can you embrace me?' in Latin would be 'Obsecro ut me potes?'
If you wanted to keep it short, you could just say 'embrace me' which in Latin becomes 'amplexitur me', while 'please hold me' translates as 'placere capere me.'
Latin Expressions of Love
If you have a Latin lover, or you're just a lover of Latin, try these:
Please always hold me - Velit semper tenere me
Kiss me now - osculum mihi
I love you - Te amo
Love conquers all - Amor vincit omnia
I love you very much and will always forever - Te valde amo ac semper amabo
I love embracing you - Amo te complexus
You may also want to talk about others being in love, rather than expressing your own feelings! This short film takes you through how to say 'the boy loves the girl' and how the sentence changes when 'the girl loves the boy':