Spanish American

1. A native or inhabitant of Spanish America.
2. A U.S. citizen or resident of Hispanic descent. See Usage Note at Hispanic.

1. Of or relating to Spanish America or its peoples or cultures.
2. Of or relating to Spain and America, especially the United States.

The noun has 2 meanings:

Meaning #1: an American whose first language was Spanish
  Synonyms: Hispanic American, Hispanic, Latino

Meaning #2: a resident of Latin America
  Synonym: Latin American