A new and unique cultivar of Hakonechloa named `Nicolas` that is characterized by its green to yellow green foliage in the spring and summer that turns deep red fall. As the mature foliage changes to a red with cool temperatures, a combination of summer and fall foliage creates a unique combination of foliage color. `Nicolas` is further characterized by its dwarf plant habit, its hardiness in U.S.D.A. Zones 5 to 9, and its relatively vigorous growth habit.