That's correct. You could type that line in a batch file on the server, like mpnut wrote:
shutdown -r
Or it may be /r depending on which version of shutdown.exe you are using - shutdown /? will tell you.
Then use Task Scheduler in Control Panel to schedule that batch file to run at 11:00 PM every day.
One thing to look out for is applications hanging during shutdown, which could leave your computer stuck. I think the -f option forces all applications to close, but depending on the software you have running, you could still have problems. I suggest scheduling this for a time when you can be standing in front of the server the first time you do it. This way you can be sure there is nothing that will hang. If it doesn't do it the first time, you're not likely to see it hang during subsequent reboots.