1. A logically partitioned host system having a plurality of logical partitions of pools of virtualized resources and an operating system operating in each of the logical partitions, comprising: a hypervisor operative on the host system, wherein the host system comprises at least one memory and at least one processor coupled to the memory, to manage the plurality of logical partitions of pools of virtualized resources and operative, responsive to 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 the host system, to identify another logical partition from among the plurality of logical partitions that is assigned the at least one resource meeting the performance parameter specified in the reservation request; the hypervisor operative to record a plurality of costs of migrations of a plurality of logical partitions into and out of the host system in a history table; the hypervisor, responsive to a number of the plurality of costs of migrations reaching a threshold number, operative to delete at least one oldest record in the plurality of costs of migrations from the history table; the hypervisor operative to estimate 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 in the history table of migrating a previous logical partition to the at least one other host system; and the hypervisor operative to select 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 from the at least one other host system to migrate the migration candidate to the at least one other host system.