1. A host system comprising: one or more logical partitions of pools of virtualized resources, wherein an operating system is operated in each of the one or more logical partitions; and a hypervisor operative on the host system comprising at least one processor coupled to at least one memory to manage the one or more logical partitions of pools of virtualized resources and operative to negotiate to reserve at least one available local resource in the host system that meets at least one performance parameter for at least one resource specified in a reservation request by a particular logical partition from among the one or more logical partitions, wherein the at least one performance parameter is initially specified in a resource request by a particular application initiating the reservation request from the particular logical partition, wherein the particular logical partition receives the resource request from the particular application through a negotiation interface of an operating system of the particular logical partition, formats the resource request into the reservation request for the hypervisor, records the reservation request by a requesting application identifier of the particular application in an outgoing request table, and submits the reservation request to the hypervisor; the hypervisor, responsive to determining that the at least one available local resource is available in the host system, operative to reserve the at least one available local resource for use by the particular application in the particular logical partition and operative to return to the particular logical partition through the negotiation interface, a response that the reservation request is granted; and the hypervisor, responsive to determining that the at least one available local resource is not available in the host system, operative to negotiate 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 at least one performance parameter, wherein the at least one other host system is managed by at least one other hypervisor for managing at least one other logical partition comprising at least one other pool of virtualized resources.