The effect of the addition of 10 mol % cholesterol to 1,2-dipalmitoyl-sn-glycero-3-phosphocholine (DPPC) floating bilayers has been investigated by means of neutron reflectivity measurements. The large swelling of the water layer between the two bilayers found in pure phosphocholine systems around the lipid main phase transition is greatly reduced in the 9:1 DPPC:cholesterol mixture. The analysis of the structure of the bilayer reveals that in the gel phase cholesterol induces the presence of a high rms roughness that disappears in the fluid phase.