I'm not sure that it's mahogany, the grain doesn't look right and mahogany doesn't flame like I'm seeing. But some pictures with better perspective will help. I agree that the substrate is probably cheap mahogany or luan.. the grain definitely looks like luan.
I really can't see the areas that you're suggesting are holly... more pictures please. BUT I wouldn't use holly in this application. Denise is right that maple is a much better wood. Holly is very obstinate with messy grain and unless carefully dried never stays straight. It's true that some species of holly are very white, but maple can be quite white too. BUT either wood will yellow under any flooring finish except super blonde shellac (not an option here).
There really isn't a good reason for a solid teak (or mahogany) floor. It will expand and contract with temperature and humidity. It will cost a fortune and be a major job to install. I'll stress that there is absolutely nothing wrong with a marine ply subfloor and 1/8" to 1/4" teak/maple overlay. The floor will be stable and look great for decades. Your problem was with water ingress, not the floor.
Send more pictures and we can give more confusing advise...