All had been passing by the Canada Hotel at the time of the collapse, Capt. Jose Moreira said.
One of the victims was identified as 50-year-old Maria Isabel Noronha. The other was a woman about 70 years old who had not yet been identified, Moreira said.
The injured were hospitalized and treated for cuts and bruises, but none of their injuries were considered life threatening, Moreira said.
The facade of the hotel had been undergoing renovations when the accident occurred around 11 a.m.