I'm not the expert on this, but since no one else has shared their opinion, I'll share mine.
If your wanting to go to Spain is following several years of studying Spanish, then the opportunity to study there and really practice the language is a really good one.
Knowing another language, especially one commonly used for business (such as Spanish), is very useful for a Business major. While Mandarin or Korean may also be useful, you won't likely pick up the language with a semester of study and no prior knowledge.
Studying abroad and what you gain from it depends not only on location, but also what it is you are doing there. If you plan to take business courses abroad, and they are taught by professors living in that country, then it might be useful to learn about Chinese business practices from a native Chinese professor. But if you have learned Spanish for years, have a greater interest in Spain, and don't intend to spend your future dealing business with China, Korea, or England, I see less of an advantage.
If you intend to get an internship abroad or something, that may change things. But in my opinion, interest in a country will help you gain more out of it.