1. A method for managing requests for resources, comprising: responsive to a hypervisor determining that insufficient local resources are available for reservation to meet a performance parameter for at least one resource specified in a reservation request for a particular logical partition managed by the hypervisor in a host system, identifying another logical partition managed by the hypervisor in the host system that is assigned at the least one resource meeting the performance parameter specified in the reservation request; estimating, by the hypervisor, a first cost of migrating the particular logical partition and a second cost of migrating the another logical partition to at least one other host system communicatively connected in a peer-to-peer network based on at least one previously recorded cost stored by the host system of migrating a previous logical partition to the at least one other host system; and selecting, by the hypervisor, one of the particular logical partition and the another logical partition as a migration candidate based on a comparison of the first cost with the second cost, wherein the hypervisor negotiates for offers to migrate the migration candidate to the at least one other host system.