Yes. If you do not want to place any additional virtual machines on a host, you can remove the host from placement. To do this, clear the This host is available for placement option on the Status tab of the host properties. This does not affect the host's status or the virtual machines that already are hosted.
This feature is not available for highly available virtual machines that are deployed on clustered hosts.
For VMware ESX Server hosts, you cannot change this property directly in Virtual Machine Manager. However, you can update the property indirectly by changing the host to maintenance mode on the VMware VirtualCenter server. VMM will update the This host is available for placement property in the VMM Administrator Console the next time it refreshes VirtualCenter data.