Pretty lady travels round new fantastic location (9)

I believe the answer is:

fairyland

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'fantastic location' is the definition.
'fairyland' can be an answer for 'location' (fairyland is a kind of location). I'm not sure about the 'fantastic' bit.

'pretty lady travels round new' is the wordplay.
'pretty' becomes 'fair' (both can mean beautiful or attractive).
'travels' indicates an anagram.
'round' is an insertion indicator.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'lady' with letters rearranged gives 'ylad'.
'ylad' enclosing 'n' is 'yland'.
'fair'+'yland'='FAIRYLAND'

Can you help me to learn more?

(Another definition for fairyland that I've seen is " fabulous state".)

I've seen this clue in The Times.

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