A 24-year-old man with no fixed address was arrested overnight on the Gold Coast and was due to face Southport Magistrates Court on Tuesday.

He was charged with enter dwelling with intent, demand property with menace and common assault over the Friday morning incident that sparked a police manhunt.

A 31-year-old was shot in the stomach and rushed to the Gold Coast University Hospital in a serious condition after the 24-year-old and an accomplice allegedly entered the Mantra Crown Towers room about 8am.

A police spokesman said police were still looking for the gunman and trying to establish whether the two men who entered the room and a group of three people already inside knew each other.