He is believed to have walked into the Bank of America off Rodeo Drive about 4 p.m., demanding cash and telling bank employees that he was armed, said Lt. Lincoln Hoshino, spokesman for the Beverly Hills Police Department.
Police got the call just after 4 p.m. and responded to the bank a block away from the hotel, Lt. Renato Moreno said.
A second man believed to be working with the man who was shot was arrested just outside the bank when police identified him using a witness description. The first man ran away, but the bag of money he was carrying had a GPS tracker in it, Hoshino said.
Police officers used the tracker and confronted the man about 20 minutes later in the lobby of the Luxe Hotel, where the shooting occurred. He was armed with a handgun and attempting to "conceal himself" inside the hotel, Hoshino said.
Last week, a Citibank branch on Wilshire Boulevard in Beverly Hills was robbed. FBI agents are on the scene to investigate whether the bank robberies are related.