A hypervisor negotiates to reserve at least one available local resource in a host system that meets a performance parameter for at least one resource specified in a reservation request by a particular logical partition from among one or more logical partitions of virtualized pools of resources managed by the hypervisor in the host system, wherein the at least one performance parameter is specified by a particular application initiating the reservation request. The hypervisor, responsive to determining that the at least one available resource is not available in the host system, negotiates for offers to migrate the particular logical partition to at least one other host system comprising at least one available remote resource that meets the performance parameter, wherein the at least one other host system is managed by at least one other hypervisor that manages one or more other logical partitions of virtualized pools of resources.