This paper presents a novel maximum a posteriori estimator for enhancing the spatial resolution of an image using co-registered high spatial-resolution imagery from an auxiliary sensor. Here, we focus on the use of high-resolution panchromatic data to enhance hyperspectral imagery. However, the estimation framework developed allows for any number of spectral bands in the primary and auxiliary image. The proposed technique is suitable for applications where some correlation, either localized or global, exists between the auxiliary image and the image being enhanced. To exploit localized correlations, a spatially varying statistical model, based on vector quantization, is used. Another important aspect of the proposed algorithm is that it allows for the use of an accurate observation model relating the "true" scene with the low-resolutions observations. Experimental results with hyperspectral data derived from the airborne visible-infrared imaging spectrometer are presented to demonstrate the efficacy of the proposed estimator.