This paper presents a stability-preserving model reduction method for an acoustic finite element model with perfectly matched layers (PMLs). PMLs are often introduced into an unbounded domain to simulate the Sommerfeld radiation condition. These layers act as anisotropic damping materials to absorb the scattered field, of which the material properties are frequency- and coordinate-dependent. The corresponding time-domain model size is often very large due to this frequency-dependent property and the number of elements needed per wavelength. Therefore, to enable efficient transient simulations, this paper proposes a two-step method to generate stable reduced order models (ROMs) of such systems. Firstly, the modified and stable version of PMLs is projected by a one-sided split basis, which gives a stable intermediate ROM. Secondly, the intermediate ROM is modified to satisfy the stability-preserving condition by applying the modal transformation. Applying any one-sided model order reduction method on this modified model leads to a stable and small ROM. This two-step method is further extended to account for the locally-conformal PML model by reformulating it in curvilinear coordinates, which works for arbitrary convex truncated domains. The proposed method is successfully verified by several numerical simulations.