Host location and ranking for a .com domain

[asusplay]

I have a question regarding host location and ranking for particular countries. I have read about this but the answers seem to contradict sometimes.

Basically I have a .com which is hosted in the UK (out of cost / convenience) which is in Spanish, for a Spanish / Latin American audience. It brings some visitors but I can't help but wonder whether it wouldn't do better under a Spanish host.

I already see that having a .es is better, even the sites are not hosted in Spain, but would hosting a .com in Spain (or Spanish speaking country) for example improve its rankings in those markets?

[tedster]

Server location can help with country-specific targeting, but you are asking about language more than country. There I'm not sure. I have German page hosted in the US on a multi-lingual dot.com that do really well in German language results. But Spanish is a much more competitive language, I believe. Many more pages and users.

Anyone else have something on this topic?

[followgreg]

I recently started hosting all our european sites in the US, it did not affect our rankings.
The content language and inbound links are dominant factors vs. server IP location if you ask me.