Changes in economic structure, followed by the decline in traditional activities, redundancy and general recession in the region, have influenced the increasing number of unattended, obsolete and abandoned buildings all over the world. According to the recent studies, there are more than 9 thousand abandoned buildings in Lithuania, the biggest number of which arose in rural area due to the restructuring of agriculture; and the other part is concentrated in urban area and represents public, industrial or military use properties. Therefore, planning and management of urban development is often a matter of derelict buildings: demolition or preservation by means of conversion, supporting social environment, creating new jobs and reducing visual pollution. The general aim of the study is to develop complex model for efficient abandoned buildings utilization. The paper gives the analysis of scientific research on the above stated problems, describes the relevancy of abandoned buildings utilization and identifies possible solutions for its refurbishment. It provides a comparative model containing various criteria by which different options for abandoned buildings reuse can be evaluated and the most rational alternative can be selected. The applicability of developed model is illustrated by using example of derelict building of hotel located in the center of Kaunas city.