This palm is identical in all aspects save one to its more well known bretheren Cocothrinax crinita (the Old Man Palm). The one difference is that instead of the long flowing blond locks of hair which identify C. crinita it has a stem covered in a mat of short hairs.
This is simply a very short haired version of the C. crinita. In which the hair does not envelop the entire trunk but remains among the petioles.