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Low resource utilization in cloud data centers can be mitigated by overbooking but this increases the risk of performance degradation. We propose a three level Quality of Service (QoS) scheme for overbooked cloud data centers to assure high performance QoS for applications that need it. We design a controller that dynamically maps virtual cores to physical cores and whenever feasible shares physical cores among applications. Our evaluation based on real cloud applications and workloads demonstrates that performance isolation can be achieved for critical applications while overall utilization is increased thanks to overbooking.