Interference field in wireless networks is often modeled by a homogeneous Poisson point process (PPP). While it is realistic in modeling the inherent node irregularity and provides meaningful first-order results, it falls short in modeling the effect of interference management techniques, which typically introduces some form of spatial interaction among active transmitters. In some applications, such as cognitive radio and device-to-device networks, this interaction may result in the formation of holes in an otherwise homogeneous interference field. The resulting interference field can be accurately modeled as a Poisson hole process (PHP). Despite the importance of the PHP in many applications, the exact characterization of interference experienced by a typical node in the PHP is not known. In this paper, we derive several tight upper and lower bounds on the Laplace transform of this interference. Numerical comparisons reveal that the new bounds outperform all known bounds and approximations, and are remarkably tight in all operational regimes of interest. The key in deriving these tight and yet simple bounds is to capture the local neighborhood around the typical node accurately while simplifying the far field to attain tractability. Ideas for tightening these bounds further by incorporating the effect of overlaps in the holes are also discussed. These results immediately lead to an accurate characterization of the coverage probability of the typical node in the PHP under Rayleigh fading.