As a simple normal vMotion does not change the storage location of the VM, yes. This requires a stretched cluster that is basically completely unaware of the physical separation and distance of the cluster members. This does not require you do have a (replicated) storage array at every location either, you could just build the cluster with a single storage but hosts in different locations as long as they can all access the same storage (and layer 2 network). It's completely transparent in that regard.
The destination host would still access the same LUN on the same array, unless you implement some abstraction or storage-side magic in between.
The first, simple case would be a uniform stretched cluster while another case that keeps the storage access local is a non-uniform stretched cluster.
Read more about this topic here:
http://www.yellow-bricks.com/2011/10/05/vsphere-5-0-ha-and-metro-stretched-cluster-solutions/