Yes. If A is the ambient temperature of the room and T_{0} is the initial temperature of the object in the room, Newton's Law of Cooling/Heating predicts the temperature T of the object will be given as a function of time by T=A+(T_{0}-A)e^{-kt}, where -k<0. If T_{0} > A, this model predicts cooling (a decreasing function) and if T_{0} < A, this model predicts heating (an increasing function).
In terms of calculus-related ideas, this equation can be rewritten as T-A=(T_{0}-A)e^{-kt} and can be interpreted as saying that the function T-A undergoes exponential decay (a constant relative rate of decay) to zero as time t increases (from above if T_{0} > A and from below if T_{0} < A).