As you mentioned above you are a Hispanic and not born in Spain I assume that you are a US citizen. Since As all the top business schools thrive on globalizing their programs they consider admitting an international applicant from different culture altogether than a local candidate. But as since you are not an international applicant (not born and brought up in a different cultural background), I am afraid your Hispanic background might not add a lot of value. So don't expect much from it. If I were you, I would use both white/Hispanic background in the application than using just white alone. As a person who has cultural connections with Spain, you would definitely imbibe some multi-cultural characteristics which are very important at any top business school.
Good luck with your application.
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