diff --git a/CHANGELOG.md b/CHANGELOG.md
index 75f4453..7c00fcd 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,9 @@
+## 2.3.1 (March 23, 2022)
+BUG FIXES:
+  - Fix the detection of VM IP. Wait for the IP to become available to
+  avoid connection issues and Vagrant warnings.
+  [[GH-440](https://github.com/Parallels/vagrant-parallels/issues/440)]
+
 ## 2.3.0 (March 22, 2022)
 IMPROVEMENTS:
   - Support fetching the VM IP using prlctl
diff --git a/lib/vagrant-parallels/version.rb b/lib/vagrant-parallels/version.rb
index 5800220..a16947a 100644
--- a/lib/vagrant-parallels/version.rb
+++ b/lib/vagrant-parallels/version.rb
@@ -1,5 +1,5 @@
 module VagrantPlugins
   module Parallels
-    VERSION = '2.3.0'
+    VERSION = '2.3.1'
   end
 end