I installed a MVHR system in our house last year, which is similar in concept at least. I sleep in the bedroom under the unit itself and while you can hear it when it’s quiet at night, it is by no means loud and as it has a constant whitenoise type sound it does not interfere with sleep. In other bedrooms where there are vents the sound is virtually unnoticeable.
All the same I would aim to have the unit itself as far from bedrooms as possible and try to have it hung from the rafters rather than sitting on the ceiling joists where it may transfer vibrations into the room.