First trip to DR in February. Staying at Punta Cana Princess. Should we exchange US$ for local currency or is the US$ widely accepted?
To simplify the problem, getting to an ATM and withdrawing from there will likely give you a way better rate that changing at your hotel.
There may even be an ATM right there at PUJ airport when you arrive.
Keep some US cash for tours and the like, and use pesos for everything else.