With reference to : lxsession/+bug, this seems to be a bug.
There is a similar question in Ask Ubuntu here.
Test if hibernate works.
Open a terminal and run:
sudo pm-hibernate
If the hibernate test works, you can continue to use the sudo pm-hibernate command when you want tohibernate.
You can also enable the hibernation option in the menu.
Create the file :
/etc/polkit-1/localauthority/50-local.d/com.ubuntu.enable-hibernate.pkla
Add the following lines:
[Re-enable hibernate by default]
Identity=unix-user:*
Action=org.freedesktop.login1.hibernate
ResultActive=yes
Save and exit.