BEVERLY HILLS (CBSLA.com) — A suspected bank robber wounded by police in the lobby of a Rodeo Drive hotel was hospitalized Wednesday in stable condition, while his alleged accomplice awaited arraignment.

Joseph Raouf, 25, of Los Angeles, who was booked on suspicion of robbery, is in custody at a hospital with stable vital signs, Beverly Hills police Sgt. Max Subin said.

Raouf was initially reported in critical condition following the officer-involved shooting in the Luxe Rodeo Drive Hotel about 4:20 p.m. Monday. Raouf was charged Wednesday with robbery and resisting arrest and bail was set at $500,000. Raouf is also subject to a no bail probation violation warrant, Subin said.

No one else was hurt.

Henry Shark, 36, a transient, was arrested near the Bank of America branch at Beverly Drive and Santa Monica Boulevard shortly after it was robbed at about 4 p.m. Monday. He was booked on suspicion of robbery and conspiracy, Subin said.

Police said they tracked Raouf to the hotel at 360 N. Rodeo Drive via a GPS-enabled device that was put into the cash taken in the holdup.

Shark was detained when another officer noticed he matched the description of one of the robbers.

FBI agents are looking into whether the pair could be behind other recent bank robberies in the area.

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