Solenoid Valve for Selecting Between 2 Outputs
The general term is "three way" valve. You want a valve with three ports and two positions. 

I don't know what you mean by "hot air", but there are plenty available for various purposes. You will almost certainly require a driver of some kind, and probably a power supply that is higher than 5V and capable of some watts. Some valves are latching with two coils and some do not latch and have only one coil. Maybe latching with a single coil in some cases too (bipolar). 

Compressed air valves have a lot of variants because often you want to vent one side rather than blocking it off (something you'd probably want to avoid with other fluids such as hydraulic oil or water). 

One gotcha is that some valves are "pilot" type and use fluidic amplification to actually switch the flow. The solenoid only controls a small flow. As such they require a certain amount of pressure to work at all. I believe most water solenoid valves used on utility water pressure are in this category.