Crossword Genius

In hotel they cut a thousand from funds for condiment (5)

Ross

I believe the answer is:

honey

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'thousand from funds for condiment' is the definition.
I can't tell whether this defines the answer.

'in hotel they cut a' is the wordplay.
'in' indicates putting letters inside.
'hotel' becomes 'h' (phonetic alphabet).
'they cut' becomes 'y' (I am not sure about this - if you are sure you should believe this answer much more).
'a' becomes 'one'.
'h'+'y'='hy'
'hy' going around 'one' is 'HONEY'.

Can you help me to learn more?

(Other definitions for honey that I've seen before include "Nectar product" , "sweetheart" , "Made by bees from nectar" , "Produce of bees" , "Sweet term of endearment" .)

I've seen this clue in The Irish Times.
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