WI: A Commonwealth of Nations between former Spanish colony states

Right now, there are three main cultural intergovermental organizations which are Commonwealth of Nations between among former British colonies, Community of Portuguese Speaking Countries among former Portuguese colonies, and Organisation internationale de la Francophonie among former French colonies.

What if Spain decides to make strong cultural relations with former colonies by forming a Commonwealth between among former Spanish colonies that includes Latin America, Philippines, Equatorial Guinea, Western Sahara, Guam, and Marianas? What would be the repercussions to geopolitics?
 
Spanish diplomats might have to do some pretty deft maneuvers to convince the US to go along with Guam joining the Spanish Commonwealth.
 
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