Spanish Bay is long gone.
Cobalt Coast is just a bit west of where it was and has a very good shore dive site. GC is very different from what it was in 86, much more developed.
I would be curious about what finally happened to Spanish Bay. My wife and I stayed there about 1989, and it was obvious that the place was dying then. Later, I talked with Ron Sefton and he told me was the one who started Spanish Bay from scratch, then sold it and moved to Little Cayman. I think he and Nancy left Little Cayman back in the early to mid 90's, though he hung on to the property next to Southern Cross for a few more years before selling it all to Peter Hillenbrand. So what finally became of Spanish Bay? It was a good location.