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My understanding is you can't do multi session pessimisitic locking in hibernate, am I right?
That is correct, Hibernate does not offer the out-of-box option to shot yourself in the foot ;) (Well, it does, but not this one.)
Its quite trivial to implement your own lock manager _using_ Hibernate though. A good guide (although not complete) is in Martin Fowlers patterns collections as "pessimistic offline lock". Make sure you really understand the performance implications of introducing this bottleneck to your application.