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If you're referring to TemplateBasedVMs such as AppVMs, then there's
no need to upgrade them. One of the main features of the template
system is that you only have to update and upgrade the templates, and
all VMs based on those TemplateVMs will get their root filesystems
from the TemplateVMs. So, just make sure that your TemplateBasedVMs
are based on your Fedora 24 TemplateVM(s), and you're good to go.
If, on the other hand, you're referring to Fedora StandaloneVMs, then
the procedure for upgrading those is the same as for TemplateVMs,
except that StandaloneVMs can't be `qvm-trim`ed (AFAIK).
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