In port, hangs around the “Hotel Excellent” (8)

I believe the answer is:

shanghai

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'in port' is the definition.
'shanghai' can be an answer for 'port' (I've seen this before). I'm not sure about the 'in' bit.

'hangs around the hotel excellent' is the wordplay.
'around' indicates an anagram.
'the hotel' becomes 'h' (phonetic alphabet: alpha, bravo, charlie etc.).
'excellent' becomes 'ai'.
'hangs' anagrammed gives 'shang'.
'shang'+'h'+'ai'='SHANGHAI'

Can you help me to learn more?

(Other definitions for shanghai that I've seen before include "Might the Shah gain in China?" , "How to impress a sailor" , "[YANGTZE] 's mouth here?" , "China's largest city" , "Dragoon" .)

I've seen this clue in the Evening Standard.

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