Stefanie Kavanaugh, 26, a transient, and Josielyn Salgado, 28, of San Francisco, were taken into custody with the assistance of the San Mateo County Sheriff's Office Friday at about 10:25 a.m. in the 1500 block of Greenwood Avenue in San Carlos, Belmont police said.
Several items that were stolen at gunpoint from the East Coast businessman on Monday were recovered at the time Kavanaugh and Salgado were arrested, police said.
Both women were booked at San Mateo County Jail.
Police said Salgado was booked on an outstanding warrant for a parole violation and that Kavanaugh is suspected of robbery, possession of stolen property and conspiracy.
Officers responded to a reported robbery at 1101 Shoreway Road at about 8:45 a.m. Monday, according to the Belmont Police Department.
A man traveling on business had apparently arranged a meeting in his hotel room with a woman, who was later described as an Asian woman in her late 20s to early 30s, police said.
Investigators said that while the woman was in the room, two suspects came to the door and confronted the victim.
One of the suspects, an Asian woman wearing a hooded jacket and a blue bandana, was carrying a small handgun, police said. The second suspect was an Asian man in his 20s.
The armed woman demanded that the victim hand over his laptop and camera.
The victim refused and attempted to take the gun from the suspect, police said.
A struggle ensued, during which the gun discharged and the victim was punched in the face several times, police said.
No one appeared to have been hit by gunfire, police said.
The three suspects fled with the victim's camera and laptop.
A third suspect, a Filipino male in his 20s, is still at large and anyone with information regarding the case is asked to contact Belmont police at (650) 595-7400. Anonymous callers can submit information through the police crime tip line at (650) 598-3000.