In Spanish, how do you distinguish “to wait” and “to hope” I’ve seen “espero” used as “I hope” but does it also mean “I wait”?

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¡Hola! Todo depende del contexto, pero en general es fácil de distinguir. Por ejemplo:

-Siempre espero a que mi papá me recoja de la escuela (I always wait for my dad to pick me up from school)
-Espero ver a Lucy en la fiesta (I hope to see Lucy at the party)

Saludos😊

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I think it depends on the context: ¡espérame! or ¡espero que disfrutes tu día!

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¡Hola Kao! 
Both verbs could be translate as "Esperar". 
To hope could be translate also "Desear" or "Anhelar" 
If you have more questions about this topic or any other one, I would be happy to help you.

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Yes, it's the same verb

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Yes, you are right, it is a multi meaning verb.
However, from my experience "to hope" will usually have "que" after "espero"

For example:
Espero que mi novio me traiga chocolates. (I hope my boyfriend brings me chocolates)

vs "wait"
Example:
Te espero. (I wait for you.)