This really depends on your exact requirements. You can use something like Veeam Backup and Replication to replicate VMs or go as far as use VMware Site Recovery Manager to build a full blown DR scenario. If DR is not exactly what you are looking for then you could look at load balancing. Fault tolerance requires very low latency, as in sub-millisecond, so I would assume that this would not work for your design.
Are the two sites in the same L2 network? Do they share the same storages?
Otherwise FT cannot work.
Check last version of Veeam (or similar product) that has some features for VM replication.
Or consider VMware SRM5