In place upgrade from VMware vsphere 4 to vsphere 5

I've upgraded two of my VMware hosts to vsphere 5.  I have two hosts remaining to upgrade.  E issue is that I don't have sufficient space to move all the virtual servers off of those hosts before upgrading.

Can I shut down the virtual servers and upgrade with them still in place on the host?

What chance am I taking on losing my virtual servers?  I have backups, but restores would take many, many hours.
jcitsAsked:
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Andrew Hancock (VMware vExpert / EE MVE^2)VMware and Virtualization ConsultantCommented:
Yes, you can perform an inplace upgrade, and it will detect existing VMFS partitions, when prompted, select YES to preserve. this will then not delete the VMs.

But always have a backup of your VMs before any server install change.
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IanThCommented:
you can get a benefit of updating the vm to v8 of virtual hardware
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