Travelers have many incentives for visiting other countries. In addition to a vacation, business or family considerations may require a trip from the Chinese mainland.

"There have been several articles on the growth of what is called the 'beliesure' group," said Petroff. "That is a fast-growing segment that combines business and leisure travel by taking a week before or after a business trip to visit prominent places."

Another growing segment of overseas travelers from China are parents sending children to study in the US, said Petroff.

Brooks said Alex Xu, the founder and chairman of Green Tree, envisions the company as a global brand. "We are also exploring other countries in Asia and Europe for expansion," he said.

In addition to traditional inns, online marketplaces like Airbnb, which enables homeowners, renters and others to offer accommodation to travelers, are also expected to benefit from rising Chinese outbound tourism.

"To date, there have been more than 3.5 million guest arrivals by Chinese travelers at Airbnb listings all over the world," company spokesman Nick Papas said in an email. "While we have not focused on building our community in China, we've seen more and more Chinese hosts organically sign up to share their space. There have been nearly 1 million guest arrivals at Airbnb listings in China to date."

Many of those are young people, especially the group referred to as millennials. According to a study for Airbnb conducted by the research concern GfK last fall, millennials surveyed in China, the US and the United Kingdom say that when they think about the next five years, traveling is as important as (or more important than) purchasing a home, paying off debt, or purchasing a car.