A quick search turned up this forum link:

http://www.kayakforum.com/cgi-bin/Building/archive.pl/bid/12/md/read/id/73589/sbj/spanish-cedar-was-epoxy-teak-and-epoxy/

and CLCboats.com says:

"Spanish Cedar" (Genus cedrela) is actually neither Spanish nor a member of the cedar family. It's a member of the mahogany family, and we use it in all applications where we might have used the now-scarce Philippine or Honduras mahogany. Even to a highly trained eye, the colorful reddish grain is indistinguishable from mahogany. The fragrance, however, is absolutely distinct: it smells like aromatic cedar, the kind they make cigar boxes and blanket chests out of.

the link: http://www.clcboats.com/shop/products/boat-building-supplies-epoxy-fiberglass-plywood/marine-lumber-by-the-foot/spanish-cedar.html