Underutilization of computing resources and high power consumption are two primary challenges in the domain of Cloud resource management. This paper deals with these challenges through offline, migration impact-aware, multi-objective dynamic Virtual Machine (VM) consolidation in the context of large-scale virtualized data center environments. The problem is formulated as an NP-hard discrete combinatorial optimization problem with simultaneous objectives of minimizing resource wastage, power consumption, and the associated VM migration overhead. Since dynamic VM consolidation through VM live migrations have negative impacts on hosted applications performance and data center components, a VM live migration overhead estimation technique is proposed, which takes into account pragmatic migration parameters and overhead factors. In order to tackle scalability issues, a hierarchical, decentralized dynamic VM consolidation framework is presented that helps to localize migration-related network traffic and reduce network cost. Moreover, a multi-objective, dynamic VM consolidation algorithm is proposed by utilizing the Ant Colony Optimization (ACO) metaheuristic, with integration of the proposed VM migration overhead estimation technique. Comprehensive performance evaluation makes it evident that the proposed dynamic VM consolidation approach outpaces the state-of-the-art offline, migration-aware dynamic VM consolidation algorithm across all performance metrics by reducing the overall power consumption by up to 47%, resource wastage by up to 64%, and migration overhead by up to 83%.